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BANK ASSETS FALL 7.5%.

Banks operating in Panama saw their assets fall 7.5% during the first quarter of 2002, a reflection mostly of the political and economic crisis in Argentina and economic uncertainty in the Brazilian market, the Government said, reports Reuters (July 31, 2002). Total assets in the January-July period were US$34.774 billion, down US$2.834 billion over the same period in 2001. More than 100 banking institutions operate in Panama, including global banking group HSBC Holdings Plc , Spanish Banco Bilbao Vizcaya Argentaria (BBVA) , the Dresdner Bank, and the Banco Latinoamericano de Exportaciones. Local assets in Panama fell US$939 million in the first quarter.

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Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:2PANA
Date:Sep 1, 2002
Words:108
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