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A press release from Ultimus Inc. of Cary, New York announces that Tower Bank of Panama is going to use Ultimus’ “business process management software suite.” The news release has the usual amount of self serving hype seen in this type of press release. However, this is a business process upgrade the Tower Bank is purchasing. Panama banks in general are weathering the current world financial storm pretty well and Tower Bank seems to be able to go ahead with a business upgrade when financial institutions are failing in the United States.

It would appear that Tower Bank has the money to invest in an upgraded business support system being installed by Ultimus Inc. We can assume that Tower Bank, like others in Panama, did not go in for sub prime mortgages and still has money with which to do business.

Certainly the construction projects all over town are still busy and there do not seem be any layoffs in Panama City. Credit has not dried up and Panama is still booming while North America and Europe as well as Asia sink into a recession.

Business Process Update

According to the press release, “Founded in 1971, Tower Bank specializes in corporate and private banking, providing personalized service for clients in Panama and abroad. The bank is dedicated to leveraging the latest generation of information and technology tools to develop and support internal processes that increase efficiency, facilitate development of new products and services, and produce a high degree of information visibility for key decision making.

“As part of this strategy, Tower Bank is designing a new paperless customer service model and engaged Ultimus to develop a combination of mission critical and back-office processes to support that model. The first processes developed include credit card purchases and approvals, new account openings, fixed time deposits, claims management and accounts maintenance.”

The short answer is that Tower Bank is doing well enough to upgrade its business processing computer system at a time of global economic malaise. With local banks in good shape and the economy not going into recession Panama would seem to be the place for investment in business and real estate.

Panama has had a ten year run on strong economic expansion. Its current growth rate is 10% a year. Projected growth for next year may go down to 6% because of reduced Panama Canal shipping but there is no talk of a recession in Panama. Investment in Panama real estate is still a good deal. The high end of the real estate investment market is in a pause due to lower demand from North Americans but that demand appears soon to be filled by the British and Europeans who are coming to Panama in increasing numbers both for tourism and for investment.

Panama commercial real estate pays excellent returns with month lease payments. Panama real estate is tied into Panama’s expanding economy and growing small business community investment. Foreigners can do business directly in Panama but investment in commercial real estate has fewer headaches. Maybe with successful real estate investment in Panama you too, like Tower Bank, will need to upgrade your computer system to track your assets. On the other hand you could pay someone else to do that while you walk along one of Panama’s beaches.

With the consul of local experts such as ABPanama you can stay ahead of the real estate investment market, collect your lease payments, and sell at the right time. Come to see us at ABPanama. We have over 23 years experience managing real estate portfolios and do business throughout Panama.