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Ecuadorian bank Banco Banisi began operations in Panama with US$14mn in initial capital.
As Panama's 92nd operating bank, Banisi hopes to distinguish itself in the market through its virtual banking platform that allows clients to make transactions via mobile phones, according to a report by local newspaper Panama America.
Banisi has approximately US$150mn in assets and around 1,000 clients. It is backed by parent-bank Banco de Guayaquil, whose assets total approximately US$3.5bn.
"We want to focus on personal banking, credit cards and auto loans but are also actively pursuing businesses," Banisi president Juan Lasso Alcibar was quoted as saying.