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In February 2008, Cayman National Bank opened a banking representation office in Panama City, Republic of Panama, to enhance business opportunities in the region and channel these opportunities to the various business units of Cayman National.
Panama is located in Central America, bordering both the Caribbean Sea and the Pacific Ocean, between Colombia and Costa Rica. The country has been an independent nation since 1903, and in 1999 it took ownership, control and administration of the canal and associated lands and buildings. Its capital is Panama City.
Panama's economy is mainly service-based, heavily weighted toward banking, commerce, tourism, trading and private industries because of its key geographic location. The handover of the canal and military installations by the United States has given rise to new construction projects, following the decision to expand the canal with a third set of locks at a cost of around USD 5 billion.
Panama’s position in the South American market has strengthened enormously over the past decade. It has been described as “one of the most vibrant economies in the region” with a booming construction sector and strong domestic demand. Whilst the western world is struggling to avoid a recession, Panama achieved GDP growth of 11.2% in 2007 and 9.1% in 2008, and it is estimated a 3.5% in 2009.
The Colón Free Trade Zone is the largest in the Western Hemisphere, and accounts for almost all of Panama's exports and more than half of its imports. Panama's economy is also very much supported by the trade and exportation of coffee. The Panamanian currency is the balboa, fixed at parity with the United States dollar.
Panama is one of the most developed countries in Central America, boasting one of the most stable economies and a rapid tourism growth in the Americas. It enjoys a young, new and healthy democracy. It is considered a safe, peaceful and prosperous nation.
Cayman National Bank Ltd. Representative Office
Ocean Business Plaza, 15th Floor, Suite 1502
Aquilino de la Guardia Ave. & 47th St. Marbella
P.O. Box 0832-1235 Panama City
Rep. of Panama
Email: carlos.guzman@cnifs.com
Tel: +507.340.6282
Fax: +507.340.6283
Click here to visit the Panama Office website from Cayman National Isle of Man.
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