Best bank 2025: Banco General
Banco General, a leading financial institution in Panama, has continually demonstrated exceptional performance, firmly establishing itself as a pillar in the region’s banking sector. With a 26.7% market share in local private sector deposits and 17.7% in local loans, Banco General remains the country’s most trusted and widely used financial institution, serving over 1.8 million customers – nearly 60% of Panama’s adult population.
In 2024, the bank achieved record net income of $784.5 million, a 15.3% increase year-on-year, driven by strong net interest margins, efficient cost management and robust digital adoption. Over 84% of retail customers actively use digital channels, and the bank processed 789 million digital transactions, accounting for 68% of all activity.
Banco General also led in ESG initiatives, installing solar panels in 24 branches, replacing its sedan fleet with electric vehicles, and participating in the development of Panama’s green taxonomy. Through its foundation Sus Buenos Vecinos, the bank donated $10.8 million to social programmes in 2024, supporting over 125 NGOs and expanding its scholarship programme.
With a strong capital base, market-leading digital services, and a deep commitment to community development, Banco General continues to set the standard for banking excellence in Panama.
Best investment bank 2025: Mercantil Banco S.A.
Mercantil Banco S.A. has rapidly emerged as Panama’s leading investment bank, driven by its strategic expansion and robust execution capabilities. Since launching its investment banking division in mid-2023, the bank has successfully positioned itself as a key player in Latin America’s mid-market advisory space, focusing on transactions between $20 million and $200 million.
In 2024 alone, Mercantil executed seven mandates across M&A, capital raising and value creation, with an additional four deals in the pipeline. This momentum translated into over $1.1 million in invoiced fees and projected revenues exceeding $1.5 million for 2025. The bank’s advisory strength is underpinned by a seasoned team of professionals and a client-centric approach that leverages Mercantil’s extensive regional network.
Notably, Mercantil led Panama’s first-ever blue bond issuance and structured a landmark real estate investment offering in Costa Rica, showcasing its innovation and commitment to sustainable finance. These achievements reflect the bank’s ability to deliver tailored, high-impact solutions across borders.
Best digital bank 2025: Citi
Citi maintained its leadership in delivering cutting-edge digital solutions that empower corporate clients and drive financial innovation. Citi Panama continues to redefine digital banking through seamless, secure and scalable platforms.
Citi’s digital ecosystem includes CitiDirect®, a global online banking platform offering real-time access to accounts in over 90 countries and 135 currencies. Clients benefit from biometric authentication, digital onboarding via CitiDirect Onboarding, and eSignature capabilities through DocuSign. The bank’s Liquidity Manager and Multi-Bank Target Balancing tools provide comprehensive visibility and control over global cash positions.
In 2024, Citi Panama launched advanced APIs, enterprise resource planning integration tools, and real-time payment tracking through Citi Payment Insights. Its Supplier Finance electronic platform and social trade loan with Banesco exemplify Citi’s commitment to inclusive finance and digital transformation.
Citi’s digital leadership is further demonstrated by its FX solutions, including CitiFX Pulse and Cross Border Funds Transfer, streamlining international payments and currency management.
With a client-centric approach and unmatched global infrastructure, Citi Panama continues to set the standard for digital banking excellence in the region.
Best bank for corporate responsibility 2025: Mercantil Banco S.A.
Mercantil Banco S.A., the winner of Panama’s best bank for corporate responsibility, has demonstrated a profound commitment to community investment and social impact across various crucial areas.
In 2024, Mercantil launched impactful initiatives including environmental volunteering, carbon footprint measurement, and the Goodbye Slips campaign to reduce paper usage. The bank also preserved 13 trees, planted 1,200 more, and created an ecological mural using over 70,000 recycled plastic caps – demonstrating its dedication to environmental stewardship.
On the social front, Mercantil supported over 37,000 beneficiaries through education, entrepreneurship and financial inclusion programmes. It provided $26 million in loans to women-led SMEs and expanded access to financial services via its digital wallet, Zinli. The bank also promoted cultural engagement through exhibitions and partnerships with local institutions.
Governance remains a cornerstone of Mercantil’s strategy, with 45% independent board members and a robust compliance framework. Through its inclusive, transparent and community-driven approach, Mercantil Banco S.A. continues to lead by example – setting the standard for responsible banking in Panama.
