Giant China bank granted Panama license

 
1,477Views 9Comments Posted 16/06/2020

The Industrial and Commercial Bank of China (ICBC), one of the largest in the world’s second biggest economy has planted aother foot in  America's sphere of influence  with   the granting  of an operating license in Panama to conduct business in Latin America, reports the Superintendent of Banks of Panama, Amauri Castillo .

In a resolution of June 12, the banking regulator "granted a general banking license to ICBC" to "exercise the banking business in and from the Republic of Panama," Castillo told AFP.

The bank plans to "serve a regional market from Panama", although it already has operations in Argentina, Brazil, Peru and Mexico, Castillo said.

ICBC is one of the four major Chinese state-owned commercial banks. It is considered the largest in terms of market value in its country and is one of the top 20 banks in fossil energy financing worldwide.

"This represents excellent news, even more so taking into account the global circumstances that we are all experiencing as a result of the covid-19 pandemic, and confirms the confidence that global banking institutions have in Panama," Castillo said.

China and Panama established diplomatic relations in 2017,  and have since signed several economic and trade agreements.

Panama with a dollarized economy, an interoceanic canal, and a financial center with a hundred banks, is seen by Beijing as a springboard to extend its economic and commercial influence in Latin America, a region historically allied to Washington.

The arrival of ICBC comes at a time when Panama has entered the European Union's blacklist on money laundering.

The Panama International Banking Center is "solid" and "is strictly governed by the highest standards" against money laundering and terrorist financing, Castillo said.



Comments 9

user
Whyy

Its NO different than what the USA Republicans and Dems have done to Latin America, no you cry wolf ??? Sore Lossers, No fun when the rabbit has the Gun!! LOL!!, Snake Pliskin JB Brown Charles Pedro Jackie, LOL!!

Last year
user
PG

"One of the top 20 banks in fossil energy funding world wide." That's scary. I hope the Panamanian government includes restrictions on such projects inside the country. Enough with the devastation of out environment. Sustainable development, not rapacious progress.

Last year
user
Charles

Mr. Captain you are right Panama is done not medium rare it's really done. Dictator Cortizo ruined the country to install the new normal the Noriega System. And Pedro is right you are one of his Trolls.

Last year
user
Charles

Mr. Captain you are right Panama is done not medium rare it's really done. Dictator Cortizo ruined the country to install the new normal the Noriega System. And Pedro is right you are one of his Trolls.

Last year
user
Captain

Good to see international banks back in Panama. We need to encourage more and hopefully this will be only the first who can see the opportunities here post Covid. Well done Nito and your team.

Last year
user
Jackie

In bed with the communists, one step closer to his final goal. Well done dictator,

Last year
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Pedro

First money from the WHO for tests on the whole Panamanian folks ( lockdown road blocks some unknow vaccine against the will of the people) and now Cortizo sold Panama to the Chinese. Nitto little honey how much did you get this time. Your lifespan ends soon honey don't forget. So why hoarding Billions on Switzerland account by facing not more than 4 to 6 years remaining as a Dictator before your final destination the hell ?

Last year
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JBbrown

Well said Snake! China has already put it's stranglehold on Poor african countries now with Latin America in full on collapse they can't pass up this opportunity. They leftist leaders will sell out the country so long as they get theirs. The same is true in the USA where Joe Biden sold out the USA to Iran , ukraine and China so his drug addict son who was booted from the Navy could get on the boards of international companies and become worth a fortune.

Last year
user
Snake Pliskin

When you do business with the devil, you will get burned.

Last year
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