Through Executive Decree No. 17, the Presidency of the Republic issued a favorable concept for a new increase in the paid capital of the National Bank of Panama for B/.850 million, through the capitalization of an additional B/.100 million, coming from the retained earnings.
It should be noted that this provision complies with the provisions of article 4 of the Single Text of September 25, 2017 of the Organic Law of the banking entity, which determines that the Bank’s Capital will be increased periodically by the Board of Directors, prior favorable opinion of the Executive Body by decree, in accordance with the provisions of banking legislation and best financial practices.
”Let us remember that in August 2020 we made the largest capitalization that the country’s leading bank had made in the last 20 years. We proudly announce that we obtained the approval to capitalize B/.100 million more, which allows us to be better positioned when seeking resources to support Panamanians, especially in the period of economic reactivation”, highlighted Javier Carrizo Esquivel, manager General of the National Bank of Panama.
It is worth noting that, in this way, the Bank has achieved a capitalization of B/.200 million in three years, which means an increase of 30%. “It is the result of the work of a dedicated team and the support of the Central Government that is committed to the continuous improvement of the Bank for all Panamanians,” said Carrizo Esquivel.
With this capitalization, Banco Nacional de Panamá ranks as the second bank with the highest paid-in capital in the National Banking System.
According to the recitals of the executive decree, the pandemic has brought challenges for the economy and for the National Bank of Panama, which has assumed the role of supporting economic reactivation programs. In this sense, this increase in the risks assumed by the bank implies reinforcing its contributed capital.
