Regulators in Panama has given the green light for Cayman National Bank Ltd to establish a Representative Office in that Central American country, one year after the process started.
The green light from the Panamanian authorities came two weeks ago.
The Representative Office will serve as a point of introduction to the products and services offered by the other Cayman National subsidiaries in the Cayman Islands and also the Isle of Man.
Cayman National will also be in a position to facilitate Caymanian business owners desiring to trade with or invest in Panama and will use its presence in Panama to better leverage this offering, the local financial institution said.
President of Cayman National Bank Ormond Williams said the Panama market is an important one.
“We believe that Panama is poised to become an important facet in the Cayman economy,” he said.
“Our decision to establish a presence in Panama is a careful diversification strategy which is also geared towards facilitating the anticipated two-way trade in products and services.”
Delegates from the Cayman Islands attended a special Cayman Night in Panama upon arrival in the InterContinental Miramar Hotel. At this special event, Cayman National representatives gave a presentation to the Caymanian delegates and Panamanian guests regarding their services.
The delegation also visited the Expocomer Trade Show where buyers and exhibitors from over 30 countries from America, the Caribbean, Europe, Asia and Africa participate in an intense commercial exchange that accounts for hundreds of millions of dollars.
Cayman National sponsored the Chamber’s Trade Mission to Panama for the second year. This year’s mission ran from Tuesday, 4 March to Saturday, 8 March.
The Chamber, established in 1965, is regarded as the ultimate business resource in the Cayman Islands. The mission of the Chamber’s nearly 700 members is to promote, protect and support business and community success.
For more than a quarter of a century, CNC has provided its customers with a full range of domestic and international financial services.
Through six subsidiaries they are able to meet virtually any of your personal or business financial objectives - online banking, investment services, trust services, company formation, administration and management, fund management, premier banking and insurance brokerage.