HSBC Bank Panama
Approval to operate as a licensed banking institution in Panama City was granted in 1973 and in the Colón Free Trade Zone in 1993.In 2005, HSBC acquired the group of companies trading under the brand name Financomer, which entered the personal lending market in Panama in 1986.But the subsidiary of Grupo Banistmo, Primer Banco del Istmo, was retained until it merged into HSBC Panama in 2009.In 2012, HSBC Holdings plc faced significant challenges due to flawed anti-money laundering controls, resulting in a $1.9 billion fine.This strategic move was part of HSBC’s broader plan to streamline its operations and reduce its presence in Latin America.