Best bank - Banco General
Best debt house - JPMorgan
Best M&A house - JPMorgan
There are two big banks in Panama - Banco General and Banco del Istmo. The latter is the the more aggressive, going on acquisition binges that have made it the biggest bank in the country. But Banco General is much safer, with a solid balance sheet and good recurring earnings. It made more money than Banco del Istmo in 2002, by a margin of $71 million to $61 million. So Banco General, with an unrivalled return on equity of 24%, is the best bank in Panama.
JPMorgan wins the best debt house and best M&A house awards. It has lead managed three of Panama's last four bond issues, and arranged mergers in the Coca-Cola bottling and stevedoring sectors.