Panama Bank Begins Operations in Costa Rica

A new bank has opened its doors in Costa Rica. Banco General, a Panamanian bank, received authorization to operate in the country from the Superintendence of Financial Entities (SUGEF) this past May, reported business weekly El Financiero.

For the time being, Banco General will have $11 million in equity and offer services only to business clients. It is operating out of the Forum office complex in Santa Ana, west of San José, with 15 employees. Banco General de Panama, the parent bank of Banco General in Costa Rica, is completing a merger with Banco Continental de Panama.

Banco Continental has $150 million worth of credit located in Costa Rica, through credit lines granted from Panama.