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Chairman of the Board of Directors
HISTORY AND DEVELOPMENT OF BANCO ALIADO, S.A.
Banco Aliado, S.A. is a corporation organized in accordance with the laws of the Republic of Panama, by means of Public Deed No. 2952 of 14 April 1992, executed by the Fifth Notary Public of the Circuit of Panama, and registered at the Panama Public Registry, Microfilm (Mercantile) Division, in Microjacket: 258812, Film: 35090, Frame: 0124, as of 27 April 1992. The Bank’s equity was provided by a Panamanian group of private investors. It started operations on 14 July 1992 pursuant to General License granted by the National Banking Commission (presently known as the Panama Banking Superintendence), which allows us to enter into banking operations both in Panama and abroad, indistinctively. Our main office is located at 50th and 56th Streets, Urbanización Obarrio, Banco Aliado Building, Panama City.
During its first decade of operations, Banco Aliado maintained a strategy clearly oriented towards trade financing. In August 1993, the Colón Free Zone branch was inaugurated to support said operations.
In 1995 we began to break through, cautiously but determinedly, in various foreign markets with the intention of expanding our clientele and diversifying our geographic distribution. For this purpose, business relationships with a number of different financial institutions in South and Central America, were established.
One of the cornerstones of the commercial activities of Banco Aliado is foreign trade financing (Free Zone), a traditional sector in this country. In addition to the above, we engage in interim financing of medium size construction projects, commercial and residential mortgage loans, in the provinces of Panama and Colón.
Correspondent banking is another pillar of our business activities. Even though it is an area historically reserved mainly to large foreign banks, Banco Aliado occupies a special place among the financial institutions located in the same geographic business area.
Banco Aliado, S.A. offers services to its clientele in all 5 continents through an extensive net of correspondents in countries such as the United States, Germany, Spain, Hong Kong, India, Korea, Taiwan, Thailand, Costa Rica, El Salvador, Guatemala, Brazil and Ecuador.
The Panama Canal area, the main commercial resource of our country, is another source of business with great potential and excellent growth perspectives in the very near future, due to the fact that the Government has established tourism development policies and approved the installation of commercial centers along said area, and this will certainly require banking and financial services.
In 2004, Banco Aliado, S.A. expanded its range of services with the establishment of the following three subsidiaries:
Aliado Leasing, S.A.:
Started operations in January 2004 with the purpose of offering financial leasing facilities, both to companies and natural persons, allowing for the acquisition of working equipment and other related, goods and equipments.
Aliado Factoring, S.A.:
Started operations in August 2004 with the purpose of engaging in the purchase, discount and advances on invoices and contracts or purchase orders from private companies and government entities.
Financiera Davivienda, S.A. (Finacredit):
Was acquired in July 2004 to offer consumer loans to retirees from Caja de Seguro Social (CSS) and the Canal Zone, pensioners, firemen, policemen, Panama Canal Authority employees, educators, health workers and central government employees.
As of 31 December 2004, Banco Aliado had 97 employees. Most of them have extensive banking experience, and all of them are proven professionals in their respective fields of work. There are no syndicates or collective conventions existing between the Bank and its employees.