Through Decree No.8 of May 19, 2023, the government increased the capital of Banco Nacional de Panamá (BNP), the most important banking entity in the country, to one billion balboas. This Wednesday, the Minister of the Presidency, José Simpson, representing the President of the Republic, Laurentino Cortizo Cohen, delivered this document to the general manager of the bank, Javier Carrizo Esquivel.
“This is an event of importance for the country and the State, since it is aimed at strengthening the stability and solidity of the entity, within the framework of the National Government’s policy to ensure the institutionality of the National Bank of Panama”, said the minister in the act before the main authorities of the National Bank of Panama.
He highlighted the importance, in correspondence with the fact that the bank has reported the highest profit in its 118-year history: a record figure of B/.195.1 million in profits at the end of 2022, “which is the result of the effort of employees and effective decision making in managing the balance sheet, thus generating higher yields,” he said.
The minister specified that, “during the difficult and complex times recently experienced by Panamanians, the National Bank of Panama has participated in the solutions and responses implemented by our government to guide the country towards a solid economic recovery.”
For his part, the manager of the BNP, Javier Carrizo Esquivel, affirmed that in this way the provisions of article 4 of the Single Text of the Organic Law of the banking entity are fulfilled, which determines that the bank’s capital will be increased periodically by the Board of Directors, after the Executive Body issues a favorable concept, taking into account the provisions of banking legislation and best financial practices.
“We proudly announce an important milestone, that we obtained the approval to capitalize B/.150 million more, increasing the Paid-in Capital of the Bank to B/. 1,000 million, which allows us to consolidate the position of the Bank of all Panamanians with a solid net worth, to respond quickly and consistently to the needs of all our clients”, highlighted Carrizo Esquivel.
In this way, the National Bank of Panama has achieved a capitalization of B/.350 million in four years, which is equivalent to an increase of 54%. “Employees committed to continuous improvement and the support of the Central Government have made it possible to reach this historic milestone that reinforces the competitiveness of our economy,” said Carrizo Esquivel.
In the act, in which Minister Simpson made the symbolic delivery of Executive Decree No. 8, the Minister of Economy and Finance (MEF), Héctor Alexander; the Counselor Minister for Agricultural Affairs, Carlos Salcedo; and the president of the Board of Directors of the BNP; Lizbeth Ann Henríquez, among other special guests.
