HSBC Bank (Panama)

Infobox_Company
company_name = HSBC Bank (Panama) S.A.
company_
company_type = Subsidiary of HSBC Holdings plc
company_slogan = El banco local del mundo
foundation =
location = Panama City, Panama
key_people = Joseph Salterio, CEO
num_employees =
industry = Finance and Insurance
products = Financial Services
homepage = [http://www.pa.hsbc.com/ www.pa.hsbc.com]
revenue =

HSBC Bank (Panama) S.A. offers Personal banking, Corporate banking and Treasury services in Panama. Its headquarters are in Panama City, Panama.

History

The HSBC Group has been operating in Panama in 1972, when The Hongkong and Shanghai Banking Corporation opened the representative office in Panama City that year. Approval to operate as a licensed banking institution in Panama City was granted in 1973 and in the Colón Free Trade Zone in 1993.

In 2000, HSBC acquired the banking operations of Chase Manhattan Bank in Panama. In 2005, HSBC acquired the group of companies trading under the brand name Financomer, which entered the personal lending market in Panama in 1986.

In November 2006, HSBC acquired Grupo Banistmo, the leading banking group in Central America and gave HSBC access to new markets, with offices in Colombia, Costa Rica, El Salvador, Honduras and Nicaragua. The merger of HSBC Bank (Panama) and Grupo Banistmo was successfully completed in 2007, but excluding Primer Banco del Istmo, the subsidiary of Grupo Banistmo.

Central America banking

Costa Rica

Banco HSBC (Costa Rica) S.A. operates around 40 branches throughout the major cities. HSBC entered Costa Rica in the summer of 2007; it was introduced under the promotional campaign "HSBC is the new name of BANEX". HSBC acquired Banex and has assumed operations in all of its branches. Banco Nacional de Costa Rica (BNCR) is HSBC's largest competitor in the market.

Colombia

HSBC Colombia S.A. acquired as part of the purchase of Grupo Banistmo SA in 2006.

ee also

*HSBC
*Primer Banco del Istmo

External links

* [http://www.pa.hsbc.com/index_en.html HSBC Bank (Panama) website]