Cayman National Corporation will be represented in Panama
A banking representation office of Cayman National Corporation (CNC) will be set up a in Panama City.
Last week, at a press conference, Kim Remizowski, CNC’s Manager Business Development North America, explained that the new office will be the platform for contacting existing Cayman National Latin American clients as well as will provide business opportunities in new markets in the regional a minimal cost.
According to Mr. Remizowski, Panama’s mature banking industry was one of factors that made it an easy decision for CNC to establish its banking representation there. So, the office in Panama City will support businesses in Cayman by means of detecting new suppliers and facilitating trade between the 2 countries through banking and financial mechanisms.
It is worth noting that Panama is a thriving offshore financial sector serving over 370 000 registered companies there, which also already has more than 85 banks from 35 countries.
One of the factors that determined the establishment of the representative office is that Panama has taken significant steps to combat money laundering and terrorist financing. In accordance with Mr. Remizowski, “Panama’s new comprehensive banking law meets the standards of leading financial centres in the worldâ€, cooperating with such jurisdictions as the Cayman Islands.
To facilitate the opening of the new office, CNC has moved one of its Cayman-based employees Carlos Guzman with his family to Panama.
An official opening of the new office will be held on March 6-10, when CNC employees will be attending the second Chamber of Commerce Cayman Panama Trade Mission.