29 Jul BANCAMÉRICA AND ALLBANK CORP AMONG THE MOST CAPITALIZING BANKS IN CENTER AMERICA
According to the Bank Ranking 2019, made by Business Intelligence of America Center American Economy, Bancamérica and Allbank both figure as financial institutions with a great capitalization in the region.
City of Panama.- Bancamérica and Allbank Corp., entities belonging to BOD Financial Group, got positioned in the ranking of the most capitalizing banks during the first semester 2019, published by the prestigious América Economía magazine, on its June Center America edition.
Bancamérica, with operations in Dominican Republic, was placed 9th, with a capital variation of 40,5%; while Allbank Corp, the Group’s entity in Panama, had the 15th place of this category, with a capital variation of 17,6%. This positions are granted according to the amount of total assets in US$ until December 31st 2018.
For over 30 years, this América Economía publish has become a reference for the global financial sector, through Intelligence, the division responsible for making the rankings based on a methodology that measures the banking institution’s data, lawfully authorized by the superintendence of the countries in which this studies are made.
Besides, this América Economía study provided relevant data about the central American financial system, such as the growth of 2,2% compared with 2017and the increased competitiveness of markets such as Panama and Dominican Republic. “The Central American banking system, Panama and Dominican Republic is made out of 182 authorized banking institutions, which at the end of 2018 accrued US$ 284.889 million in assets: a 2,2% of growth compared with 2017”.
According to the Business Intelligence Bank Ranking 2019 “the most competitive market is the Panamanian, for it has the biggest amount of banks in the area with a record of 72 operative licenses, which taken together reached a total amount of US$ 121.485 million in assets, representing an increase of 2,1% compared with 2017, followed by Dominican Republic with 33 banking institutions”.
One of the consulted experts regarding the study, Domingo J. González, executive secretary for the Executive Secretariat of the Central American Monetary Council (known in Spanish as SEMCA) perceives that “the banking soundness in general is robust, specially due to its high levels of solvency and liquidity”. Likewise, Gary Barquero, general manager for SCRiesgo, pointed out that “among the financial strengths there are robust capital adequacy, adequate indicators of liquidity and healthy indicators in portfolio quality and low indexes of volatility of deposits”. Also added “In Panama, the high levels of GDP and per capita GDP have improved the debt payment profile in the private sector, lowering the credit risk on the economy”.