Banking Law

The enactment of Decree Law 9 of February 6, 1998 whereby the Banking System is reformed and the Superintendency of Banks is crated, has consolidated the Republic of Panama as an International Finance Center and the main reason for the establishment in our country of more than 90 banks proceeding from throughout the world.

DE OBALDIA & GARCIA DE PAREDES provides legal advisory services necessary for the obtainment and transacting before the Superintendency of Banks of any of the types of licenses that our jurisdiction issues. These are:

1. GENERAL LICENSE, which shall allow to perform Banking business in any part of the Republic of Panama and transactions that are perfected, consummated or have their effects abroad and to carry out those other activities that the Superintendency authorizes. Shall have a minimum paid capital or assigned capital of TEN MILLION DOLLARS (US$10,000,000.00).

2. INTERNATIONAL LICENSE, which shall allow to manage, from an office established in Panama, transactions that are perfected, consummated or have their effects abroad and to carry out those other activities that the Superintendency authorizes. Shall have a minimum paid corporate capital or assigned capital of THREE MILLION DOLLARS (US$3,000,000.00), of which TWO HUNDRED AND FIFTY THOUSAND DOLLARS (US$250,000.00) must be deposited in Banco Nacional de Panama or invested in Bank Guarantee Bonds consigned in said institution.

3. REPRESENTATION LICENSE, which only shall allow to establish one or more Representation Offices in Panama and to carry out those other activities that the Superintendency may authorize. Upon using the name of the bank you represent, the offices of Representation shall always include the expression "Representation Office."

Our group of professionals has experience and knowledge necessary for the performance of any transaction or consultation to satisfy the interests of our clientele in the area of Banking Law.