The promulgation of Decree Law 9 of February 26, 1998, by which the Banking Regime is reformed and the Superintendency of Banks is created, has consolidated the Republic of Panama as an International Finance Center and the primary reason for the establishment in our country. country of more than 90 banks from around the world.
DE OBALDIA & GARCIA DE PAREDES provides the legal advisory services necessary for the attainment and processing before the Superintendency of Banks of any of the license classes issued by our jurisdiction. These are:
1. GENERAL LICENSE, which will allow carrying out the Banking business in any part of the Republic of Panama and transactions that are perfected, consume or take effect abroad and carry out those other activities authorized by the Superintendence. Must have a paid capital or assigned capital of at least TEN MILLION DOLLARS (US $ 10,000,000.00).
2. INTERNATIONAL LICENSE, which will allow to direct, from an office established in Panama, transactions that are perfected, consume or have their effects abroad, and carry out those other activities that the Superintendency authorizes. Must have a paid social capital or minimum assigned capital of THREE MILLION DOLLARS (US $ 3,000,000.00) of which TWO HUNDRED FIFTY THOUSAND DOLLARS (US $ 250,000.00) must be deposited in the National Bank of Panama or invested in Bank Guarantee Bonds consigned in said institution .
3. REPRESENTATION LICENSE, which will only allow the establishment of one or more Representation Offices in Panama, and perform those other activities authorized by the Superintendence. When using the name of the bank it represents, the Representation offices should always include the expression “Representation Office”.
Our group of professionals has the experience and knowledge necessary to carry out any procedure or consultation to satisfy the interests of our customers in the area of Banking Law.