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Started 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.

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NATIONAL BANK


Advantages:

  • 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 regulations.
  • 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 Center Services

Banking Services for Individuals:

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.

Treasury

Are those resources used by firms to move their liquid assets or to invest their cash flow surplus in a more productive way.

Credit

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.

Trusteeships

Of investment, testamentary, education, guarantees, retirement and savings plans, and also to organize charities and associations.

Leasing

This service enables firms to obtain leaseable assets of all types (automobiles, trucks, electricity generators, industrial machinery, construction equipment, computers, telecommunication equipment, ships, airplanes, etc.)

Other Services:

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.

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