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PANAMA - Finance

Moisés D. Cohen

President, Capital Bank

Bio

Moisés D. Cohen is President of Capital Bank.

"With 97 years in banking, this group has formidable experience."
TBY talks to Moisés D. Cohen, President of Capital Bank, about the company’s merger and services on offer.
How did Mercantil Servicios Financieros Internacional’s Acquisition of Capital Bank emerge?

Banking is a business that requires significant capital, and when you grow you need more volume to heighten efficiency and pursue profitability. We, therefore, decided we needed a strategic partner for the bank, and received a proposal from Grupo Mercantil. It offered us a partnership because it has a bank in Panama, which is smaller than us. Upon deliberation, we concluded that it fulfilled all of our requirements. First, we wanted to deal with a banking group. And with 97 years in banking, this group has formidable experience. We also wanted a strategic partner well invested in technology. Therefore, possessed of a common approach to business ethics, it fulfilled our requirements, and we proceeded with the merger of the two banks: Capital Bank and Mercantil Banco, both active in Panama. We are sure that this deal will prove to be a good thing for our customers and people. We as an institution have USD1.7 billion in assets. And with the merger, we will be a bank of USD3 billion in assets which takes our proposition to another level altogether.

What benefits will the merger bring to your clients?

We are going to have more technological services to facilitate transactions. We are also going to focus on SMEs to foster the growth of that segment of the economy. There will also be other kinds of services for depositors that technology will enhance making for better customer service overall. With this merger, our partner is also keen to expand its operations to Central and South America. Panama is an international hub for many services today, from maritime and financial to legal services, among others. We also have free zones that serve all the countries of Latin America, buying from Asia mainly and selling across the Latam market. Panama has the vision to become an international center for a diversity of businesses, and the merger will be building on this firm base. In fact, we already offer Clicker, an e-commerce platform. People worldwide are buying more online via electronic platforms, and, therefore, this is a service we also provide to our customers and businesses. We provide an engine on which Visa and Mastercard place their products to direct at their online through Clickr.

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