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PANAMA - Finance

Andrew P. Russell

CEO, Atlas Bank

Bio

Andrew P. Russell, a former financial services executive, was named President & CEO for Mid-Atlantic Federal Credit Union (MAFCU). As CEO, Russell will also serve as Chairman of the Board of Directors for Mid-Atlantic Financial Partners, LLC’s Credit Union Service Organization (CUSO).

"Andrew P. Russell, a former financial services executive, was named President & CEO for Mid-Atlantic Federal Credit Union (MAFCU). As CEO, Russell will also serve as Chairman of the Board of Directors for Mid-Atlantic Financial Partners, LLC’s Credit Union Service Organization (CUSO)."
What are Atlas Bank’s main lines of business?

The bank is private and has been focused on an internally developed platform to provide FX trading for clients. It has been growing slowly but surely. Atlas has projected itself as a fintech bank. Now is the opportunity for it to ramp up in this area as we look at supporting and providing access to fintech outside of the banking industry. We have been analyzing what we have had all along as well as the new products that we can bring to the market to provide better service to different segments of the community in Panama and the region. Atlas Bank has a general banking license in Panama and also does international business. We get to know our clients and hear their needs. We develop tailor-made solutions that are linked to traditional banking products and also tie in technology to our offering. We will launch a digital wallet soon that was designed by a team of engineers that were concerned with the digital customer experience. Customers will be able to do things that they cannot do with other products on the market. It will be revolutionary in the market. We plan to bring it to other parts of South America and are already in conversations with other partners.

Will the digitalization advancements that the pandemic brought about remain permanent?

The banking industry is transforming worldwide. Panama has a great deal of untapped talent, and I want to continually develop my team. I have been interacting with top-notch, well-prepared people. One of the biggest issues worldwide and in Panama for the banking industry is dealing with all of the local, national, and international regulations. You need to look at digitalization opportunities and tie that in with innovation that is transforming the banking landscape. We want to create an ecosystem that takes the customer through the entire lifecycle in banking. There are many things going on at Atlas Bank that are exciting for the region. We are trying to help people throughout Latin America. We will hold business meetings in different countries so that people can hear Atlas Bank’s story and meet the team.

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