operations in 1970, with the promulgation of the Banking Law included in Cabinet Decree
283 of July 2nd<1970, which established a very flexible legislation based on
the principle of extra-territoriality, which means that it eliminates all duties, fiscal
charges and control over operations carried out abroad (Off Shore). So far 116 banks from
all over the world have established themselves, of which 50 operate with a General
License, 29 with an International License and 18 with a Representation License.
- Free use of the U.S. dollar.
- Free movements of foreign currency.
- Banking rules that are not very restrictive.
- A favorable tax environment.
- Total banking secret.
- Well-trained work force
- Stable economic and labor rules and
- High grade of technological modernization of
the banking entities.
- Numbered account services.
- Wide network of international and immediate
(on-line) communications with international capital markets.
- Broad and Flexible Corporation Laws.
- Trusteeship and leasing laws.
Financial and Banking
Banking Services for
They are focused to serve the needs of
businessmen and individuals; and include: Checking Accounts, Savings Accounts,
Certificates of Time Deposits, Overnight Deposits, Call Deposits, Money Order sales in
Dollars or in foreign currency, Money Transfers in Dollars or foreign currency, Traveler
Checks, transfers between accounts, collections, local as well as abroad.
Are those resources used by firms to move
their liquid assets or to invest their cash flow surplus in a more productive way.
This is primarily directed to the banking
and business sector in order to stimulate productivity, employment and economic growth and
its most common forms are: short and medium term working capital credit, short term roll
over credit lines for general financing purposes, medium and long term mortgage loans for
commercial buildings, commercial credits and pawn pledges as well as credits for
international trade and international investment including letters of credit and their
refinancing, financing of receivables, factoring, discounts, medium and long term credits
for security transactions and stand-by lines of credit.
Investment Banking Services
Services rendered to companies with the
need to restructure their liabilities, to increase their capital or those that intend to
make long term investments or need to carry out substantial investments.
Of investment, testamentary, education,
guarantees, retirement and savings plans, and also to organize charities and associations.
This service enables firms to obtain
leaseable assets of all types (automobiles, trucks, electricity generators, industrial
machinery, construction equipment, computers, telecommunication equipment, ships,
Foreign Currency and Precious Metals
exchange, Customs and Banking Guarantees, Reimbursements for Letters of Credit issued by
other banks. Discounting of Promissory Notes and Short Term Bills, Loan Syndication,
Banking Acceptances, Portfolio Investment Management, buying and selling of Bonds, Stocks,
Shares and Mutual Funds.