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Canal Bank in PC

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cc532
  10/14/2017 13:03 EST

Does anybody have any experience with either Canal Bank or Banco Delta branches in Panama City? I'm interested in transferring funds to either of those two banks, and would appreciate any insight.

Many thanks -

panamajames
  10/14/2017 17:36 EST

Yes, I deal with them both. Let me tell you about Delta Bank later. I am off to an event tonight and everyone needs a ride. The Canal Bank is a young bank but I like them a lot and they offered some great specials when they re-opened the doors after they purchased The Universal Bank. The Canal Bank was formerly known as Banco NaSe, S.A. (BMF) and changed its name to Canal Bank S.A. (BMF) in April of 2014. Canal Bank S.A. (BMF) was founded in 2013 and is based in Panama City, Panama. The company operates as a subsidiary of Grupo NASE. Grupo NASE purchased Banco Universal, S.A. through its banking arm Canal Bank. The banking regulator (SBP) or Superintendencia de Bancos de Panama, took control of Banco Universal in early June 2015 after it failed to comply with orders to improve its financial health and corporate governance. Canal Bank has now signed an agreement with SBP and has purchased Banco Universal and the names on the buildings have all been changed. You can visit them on line at https://www.canalbank.com/ Sorry, but I am off to a big Oktoberfest event tonight, so I will tell you about the Delta Bank later.

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trippinbilly
  10/14/2017 19:29 EST

LOL, tough times for PanamaJames

ranadelnorte
  10/14/2017 19:50 EST

Always a good idea to do your own due diligence on any bank in Panama: read the Superintendencia de Bancos website to see the stats on the bank and to see if it has any outstanding issues, then look at the Fitch rating. Canal Bank is small in terms of both capitalization and number of branches. There have been issues with them in the past. There are better alternatives IMO. Banco Delta is even smaller. Same opinion applies. No depositor’s insurance in Panama, so you take your risks.
Good luck!

panamajames
  10/15/2017 15:12 EST

I like the Delta Bank for many reasons and mostly because they are not under investigation for anything and are very stable, and nice people to work with, especially if you are an entrepreneur operating a small business. Banco Delta is the largest microfinance institution in Panama. The Delta Bank here in David has traditionally offered the best interest rates of any bank in Panama, and have placed billboards in various parts of town to prove it. A few years ago, they received $6 million dollars from the IFC for lending to Micro and small entrepreneurs in Panama. IFC is a member of the World Bank Group. The website for Banco Delta is: https://www.bandelta.com/

Banco Delta, S.A. provides a range of credit, insurance, and savings products. Its deposit products include savings accounts, fixed term deposits, and term savings products. The company’s loan portfolio comprises personal loans, home financing, new and used car loans, mortgage loans, business loans, and credit lines, as well as leasing and factoring services. It also offers residential or commercial property, life, car, and fire insurance products. The company was founded in 2006 and is based in Panama City, Panama. There are really only two banks in Panama in recent years that got themselves into trouble, and most of us knew about them and did our best to spread the word. The Superintendency of Banks was always there to save the day for depositors. The Universal Bank was one of them, now under the control of the Canal Bank after it was taken away from Virzi. Universal Bank was owned by the family of businessman and former vice president of the Republic, Alejandro Felipe Virzi, who is under arrest for his involvement with Martinelli and money that went back and forth between them. The other bank is Balboa Bank, formerly the Stanford Bank, and now part of the BCT Bank as of October 6th 2017. The Superintendency of Banks in Panama has authorized the transfer of 100% of the bank's share capital to Corporación BCT, of Costa Rican origin. The Superintendency of Banks wishes to inform the general public that this Friday, October 6, 2017, the transaction that finalized the Purchase and Sale Agreement between Corporación BCT, S.A. and Balboa Bank & Trust, Corp., was completed.

ranadelnorte
  10/15/2017 20:21 EST

@panamajames
“ Superintendency of Banks always there to save the day for depositors.” What???

A group of unhappy depositors tried to prevent the sale of Balboa Bank to Costa Ricans, but were overruled. The CR offer was low-ball, and they didn’t take on the toxic debts of Balboa Bank. CR it is said was very keen to get a foothold in the Panamanian market, and got it at a discount. A political decision for sure.

Also, Balboa Bank clients, whose deposits have been frozen since 2016, and who now may wish to withdraw their money from Balboa Bank must do so over a period of a year in slices of $3,000/month, up to a maximum of $50,000 over the whole period. See:
https://impresa.prensa.com/economia/Esquema-retirar-dinero-Balboa_0_4870013047.html

Some depositors will undoubtedly lose money.

Always good to remember that there is no deposit insurance in Panama if a bank fails or is reorganized.

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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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panamajames
  10/15/2017 23:16 EST

You obviously don't know the difference between shareholders and depositors. It's a common mistake.
Let me help you with that. People like us are the depositors, and the risk takers with the shares, are the shareholders. Once again, the Superintendency of banks in Panama, takes care of depositors like us, first. Shareholders who share the responsibility of how things are run, and in turn receive dividends, get left holding the bag, and in most cases it is their fault for not acting responsibly to ensure that the bank operation was operating in good standing. As it says, "A group of shareholders of the bank said on several occasions that the proposal was not the most advantageous, but the Superintendency of Banks decided that the best offer was from BCT." My thoughts are with the depositors of Panama, not the shareholders whose overall greed sometimes keeps the depositors from earning good interest rates on their savings.

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