Preliminary reports estimate that Panama grew 10.5% in 2012, which allows a further development in the banking center and increment in the confidence of foreign depositors.
According to the Superintendency of Banks of Panama (SBP), the Panamanian Banking System remains attractive for depositors, mainly from the Central and South America region, especially in the current financial situation.
Bankers and economists say that the financial stability shown by Panama, during the financial crisis of 2009 and the fact that deposits are made and withdrawn in dollars, gives added value to the country.
Adolfo Quintero, former president of the College of Economics of Panama, said that another favorable factor is that Panama offers greater opportunities than other countries, for example,
the U.S. and the granting of visas.
Otto Wolfschoon Jr., Executive Vice-President of Global Bank, explained that the National Banking System has earned the confidence of foreign customers “because of the financial stability and strength shown within the context of a booming national economy, investment grade, and excellent future prospects.”
The rating agencies Fitch Ratings, Moody's, and Standard & Poor's awarded Panama the “Investment Grade” in 2010.