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In the midst of a global financial crisis Panama just appointed a new banking supervisor. Olegario Barrelier, a banker with years of experience noted that Panama does not rely on “external funding” for its capital markets, that Panama’s banking system is stable, and that Panama’s banks did not suffer the huge losses experienced elsewhere in the global financial network.

According to the Superintendency of Banks of Panama web site Olegario Barrelier Chiari, “has a Master’s Degree in Irrigation Engineering, and is also an Agricultural Engineer from Texas A & M College in the United States of America.
“He was appointed by the Superintendency of Banks as Advisor and later as Comptroller and Liquidator of Banco DISA, S. A. -in liquidation-. Mr. Barrelier acted as Vice-President and General Manager of The Chase Manhattan Bank [in Panama].

“Additionally, he held the position of Executive Director of the [Panama]  National Banking Commission. He was Operations and Administration Vice-President of Banco Andino, S.A. He also worked in the Panama branches of The Chase Manhattan Bank, as well as in the former Ministry of Agriculture and in the National Institute of Currency Agriculture.
“He was the main member of the Presidential Commission and National Policy Advisor against Money Laundering, and Advisor for the National Security Council for the Creation of the Financial Analysis Unit. He was a Main Member of the Presidential Commission for Writing the New Banking Law.
“He was president of the Private Sector Council for Educational Aid (COSPAE) and main member of the National Housing Commission.
“Mr. Barrelier was also President of the Panama Banking Association, and was also Treasurer for the Panama - U.S.A. Corporate Council.
“He was Founder and President of the Board of Directors of TELERED, S.A. He held the position of General Manager of the corporations Molino Panameño de Papel S. A., Papelera Istmeña S.A. and Bolsas y Cartuchos de Papel, S.A.”

Panama Banks and Panama Investment

Panama has had a good economic run for the last several years, especially since taking over the Panama Canal. The long held perception of Panama as a colony of the United States has dissipated and Panama is taking its place on the world stage.

With the Panama Canal Expansion as well as widespread improvements in ports and roads Panama is creating jobs and economic prosperity. Panama has the highest per capita rate of foreign investment in Latin America and continues to be a great place to invest.

Panama’s real estate market has rewarded investment and will continue to with a strong credit system based upon conservative banking and resultant solvency in these times of global economic crisis.

Panama Real Estate Investment and Panama Banking

Panama banks are pretty conservative with real estate projects. They tend to give loans out in increments based upon property ownership and completion of each stage of a project. As such Panama banks tend not to have a majority of their assets tied up for years before loan repayments start.

If you are interested in investment in Panama real estate as well as advice on local financing contact us at ABPanama. We have over 23 years experience in managing real estate portfolios.