Awards for Excellence country winners: Panama

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Awards for Excellence country winners: Panama

Best bank: Mercantil Banco

Panama had a solid 2023, with economic growth of 5%, but that belies the significant challenges that the country’s new president, José Raúl Mulino, will face. The closure of the country’s copper mine will add to the fiscal pressures that the increasing deficits from the country’s social pension system are creating. A drought has also affected the Panama Canal, a major revenue source for the government, and the economic outlook will likely get tougher from here.

The banks, however, can pivot to neighbouring countries, with Panama more a financial hub than a domestic market. Despite the quantity of banks registered in the country, the number of large banks active in the domestic retail market has been remarkably consistent for many years

That’s what makes Mercantil Banco’s growth such a standout story and the bank wins the award as the country’s best bank for the momentum it has created in the Panamanian banking industry.

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