Banking capital of Latin America

[Zwanderlust]

Which Latin American city (or cities) is (are) most natable for banking, finance and commerce?

[Anymodal]

santiago de chile is the best for bussines stuff because of its stable economy. i dont know about banking though

[WallyP]

Without any doubt, São Paulo. It's the L.A business center.

[DonQui]

difficult question. I would say there is none, but there are three major regional ones, Buenos Aires, Mexico City, and Sao Paolo.

[Latin l0cO]

In Mexico I would say between Mexico City and Monterrey. Reason I say Monterrey for Mexico is because headquaters of BanNorte, Mexico's only 100% mexican bank. All the others pare partiallty owned by foreign investors. The rest of the banks are obviously headquatered in Mexico City. Of course this is only for Mexico. And mexico City is obviously larger on the latin american scale. I say it would be between Santiago, Sao Paulo, and Mexico City. However I believe Panama City has been coming up pretty strong too.

[schmidt]

Having the biggest banks in Latin America and one of the best Banking systems in the world, I think Sao Paulo would be the most reasonable choice. Santiago and Mexico City coming 2nd not too far behind.

[1st Division Marine]

Mexico City.

[Diboto]

Sao Paulo for its economic activity.

However, Panama City is the place with the most banking companies in Latin America. If there is a bank (American, Latinamerican, European, whatever) that can't be found in Panama City, most probably it can't be found in any other latinamerican city either.

[PanaManiac]

I know nothing on this topic about other cities, but I do know (by being there) that Panama City is the Switzerland of the west(ern hemisphere) with over 120 foreign banks. I don't know if that, in and of itself, makes it the banking (finance and commercial) capital of Latin America, but I'm willing to go out on a limb and say it has to be within the top four.

[fcarvall]

Chile has the best banks in Latin America. The highest rated any way you look at them.

[Phobos]

São Paulo definitely.Just take a look at Paulista Avenue,where most of the banks are located,and compare it with other Latin American cities.

[fcarvall]

For banks to be considered banks they need to actually lend, not trade government securities back and forth making millions on account of their own country.

[Menandro]

I think Panama City is the banking capital of Latin America...

Sao Paulo is the Stock Exchange Capital of Latin America....


Panama City, has almost all the banks that exists in the world....

Is considered an important place for banks, as Switzerland is considered in Europe!

:cheers:

[cello1974]

São Paulo!

[brooklynprospect]

How about Miami?

[Chi-town]

Having worked in investment banking and having dealt with Latin American companies, you've really gotta go with Sao Paulo.

[Mitlax]

Mexico City and Miami

[oduguy1999]

san juan

[PanaManiac]

How about Miami?

Is the above a vailed reference to what's known as "little Havana," or even a more clever attempt at silliness?

[Imperfect Ending]

how is this even a poll? its not an opinion thing.

[Jakob]

Aren't Panama and the Carribean States famous for banking?

[Q-TIP]

No intellectual idea! Please enlighten me?

[cello1974]

That Global City research of lboro mentions São Paulo as banking capital, and most economists do also!

[Menandro]

Panama is the largest international banking center in the world next to Switzerland.


- Panama has the most modern and successful international banking center in Latin America, with more than 155 banks from 35 countries.


Why Panama is considered the most important international banking center in Latin America?



Answers:

- Panama is one of the most secure international offshore centers in the world. The Panama Stock Exchange is the fastest-growing in the region.


- In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and re-insurance.


- Panama´s banking system has effectively achieved the following, among others factors:

* International Standards
* International cooperation
* Modern legislation
* Competitive advantages.


- Panama offers a modern and technologically advanced banking system.


- Panama is one of the most stable banking jurisdictions in the world. Panamanian laws require over US$15 million in proven capitalization just to apply for a banking license. Other tax haven countries issue banking licenses with as little as US$50,000 in capitalization.


- The Panamanian government has enacted strict bank auditing guidelines, to monitor banking practices, credit guidelines, and overall bank administration. Each bank must submit monthly auditing reports to Panama's Banking Superintendence, which is under direct supervision by the Banco Nacional de Panama (BNP).


- The Panamanian banking system is set up to ensure depositors the security of their deposits, similar to the US banking system. The National Banking Commission (NBC) and the Banco Nacional de Panama (BNP) execute the functions of a central clearing bank. The NBC oversees the banking system, sets the reserve requirements and regulates interest rates. The BNP functions as the Panamanian governments principal depository, manages the country's international reserves and is the clearing-house for the banking system.


- Panama's new comprehensive banking law (Decree No. 9) meets the standards of leading financial centers around the world for transparency and regulation, and conforms to the statutes of the Basle Commission.


- Some of the banks present in Panama's banking center are: Citibank, HSBC, Dresdner Bank, Bank of Tokyo, Bank of Boston, Banco Nacional de Paris, International Commercial Bank of China, Societe Generale, Banque Sudameris, BBVA, Banco Uno, Banco General, PriBanco, Banco del Istmo, Global Bank, MultiCredit Bank, PanaBank, ABN Amro, Banco Aliado, Banco Continental, BancoLat, BIPAN, Lloyds TLB Bank, Bank of Nova Scotia, BAC and much more.


- The Panama Stock Exchange is the fastest growing in the region with an average total trading volume of US$900 million.


- Panama's communications systems and infrastructure are the equivalent of any first world country such as the USA, Canada, or the United Kingdom. Telephone, fax, internet, and cellular communications are all offered in Panama by the worlds largest communications companies.


- Panama has the highest level of communications infrastructure for telephone, fax, internet, and cellular communications in all of Central & South America, including the Caribbean.


- Panama's privatization efforts in the telecommunications sector were initiated in 1995, with the restructuring of the state-owned monopoly operator, INTEL, the subsequent concession to Bell South in 1995 to operate one of the two (2) cellular mobile telephone licenses and the sale of 49% of the shares of INTEL to Cable & Wireless (a UK company) in 1997.


- Cable & Wireless enjoys complete management responsibility, exclusivity in certain telephone services (including international long distance services) for a period of five years (which will expire in 2003) and has a license to operate in the mobile cellular communications sector. Bell South has the second largest share in the mobile cellular communications sector.


- Panama has the best access to multiple high-bandwidth continental fiber optic networks in telecommunications infrastructure. The extremely low risk of natural disasters (hurricanes etc.), gives the Panama telecom sector security and reliability of service as well as a competitive advantage over other offshore jurisdictions.


- Panama is extremely easy to access from almost anywhere, due to its central location in the middle of the Americas. Its proximity to large cities in the US and Europe makes it relatively cost effective to bring in specialist know-how for installation and maintenance.


- Panama's long history as an international banking and services jurisdiction, has resulted in the availability of technical know-how in internet technology and information technology as well as sufficient human resources to install and maintain e*commerce operations. The MAYA-1 and ARCOS-1 ring systems link the continental Americas and the Caribbean Basin, which was completed in December of 2000.


- All the preceding advantages, incentives and infrastructure place Panama as an ideal location for: Internet Service Providers, E-Commerce Providers, Applications Outsourcing ASP, Broadband Content Providers, New Media Content Providers, and Exchange Traffic.


- Panama's official language is Spanish, however, English is the second most widely spoken language. 8 out of 10 Panamanians living within the banking sector of Panama City are bi-lingual in English and Spanish.


- 9 out of 10 educated Panamanians have traveled to the USA.

- Panama has a very high literacy rate in comparison with other Central and South American countries.




MORE INFO:

http://www.p-wos.com/Why%20%20Panama/whypty3.htm

http://www.wealth24.com/jsp/jdirectory/jsp/category_class/panama/category_class_value/banking.htm

PANAMA BANKING CENTER HISTORY:

http://www.offshore-protection.com/panamaHaven7.html


:cheers:

[AzN8oi]

Cable & Wireless enjoys complete management responsibility, exclusivity in certain telephone services (including international long distance services) for a period of five years (which will expire in 2003) and has a license to operate in the mobile cellular communications sector. Bell South has the second largest share in the mobile cellular communications sector.

Fun; old info.

At least it should be better now.

[Menandro]

Cable & Wireless enjoys complete management responsibility, exclusivity in certain telephone services (including international long distance services) for a period of five years (which will expire in 2003) and has a license to operate in the mobile cellular communications sector. Bell South has the second largest share in the mobile cellular communications sector.

Fun; old info.

At least it should be better now.

Yeah! It´s much much much much better now!! :D

[AcesHigh]

hmmm, ChiTown, from Chicago, is the only one who worked with bank business in Latin America, and he says São Paulo is the one. So I gotta agree!! :D

[PanaManiac]

Thank you, moderator Menandro (reply#24) for your research and informative posting with regard to international banking in Panama. I already knew that Panama City was Switzerland west, but the existance of it's fast-growing stock exchange is news to me. So, if it isn't already, Panama City should soon become Wall Street south!