Question 1

What is BAC International Bank?

Accepted Answer

BAC International Bank is a general license banking institution incorporated under the laws of the Republic of Panama. It serves as the parent company of the BAC Credomatic network, the leading financial group in Central America with over 5 million customers across the region.

The bank operates as a universal bank offering comprehensive financial services to individuals, small and medium-sized enterprises, and large corporations. As a privately held institution, BAC International Bank is supervised by the Superintendency of Banks of Panama and, as a bond issuer, is also regulated by the Superintendency of the Securities Market and the Panama Stock Exchange.

Question 2

When was BAC International Bank founded?

Accepted Answer

BAC International Bank, Inc. was officially incorporated on August 25, 1995, and commenced banking operations on October 25, 1995. The bank was granted a General License by the Comisión Bancaria Nacional (National Banking Commission), now known as the Superintendency of Banks of Panama, which allows it to conduct banking operations both in Panama and internationally.

However, the BAC Credomatic network traces its roots back to 1952, when it was founded as Banco de América Central in Managua, Nicaragua. In the 1970s, the bank pioneered the credit card business in Central America under the Credomatic brand, and by the 1990s became the first financial group with a presence throughout all of Central America.

In December 2010, Grupo Aval, a Colombian financial conglomerate, completed the purchase of the BAC Credomatic banking group for approximately $1.9 billion. BAC International Bank now operates as a subsidiary of Banco de Bogotá S.A.

Question 3

Where is BAC International Bank headquartered?

Accepted Answer

BAC International Bank is headquartered in Panama City, Panama. The main office is located at Torre BAC, Avenida Balboa, Esquina Calle 42 y 43 in Panama City.

An alternate address for the institution is Calle Aquilino de la Guardia y Calle 47, Urbanización Marbella, Edificio BAC International Bank, also in Panama City. The bank's operations in Panama include extensive infrastructure to support both its domestic banking services and its role as the regional holding company for Central American operations.

Question 4

Where does BAC International Bank operate?

Accepted Answer

Within Panama, BAC International Bank operates a comprehensive network of 29 branches and 185 ATMs across the country, employing approximately 2,464 people in its Panamanian operations. The bank maintains a strong presence in Panama City and extends its services to various regions throughout the country.

As the parent company of the BAC Credomatic network, BAC International Bank oversees operations across Central America through its subsidiaries in Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and Panama. The consolidated group serves over 5 million customers and employs more than 20,000 people across the region.

Question 5

What services does BAC International Bank offer?

Accepted Answer

BAC International Bank provides a comprehensive range of banking products and services across multiple segments. For retail customers, the bank offers various deposit products including non-interest-bearing accounts, interest-bearing accounts, savings accounts, and time deposits.

The bank's lending portfolio includes commercial, financial, and industrial loans; residential and construction real estate loans; and vehicle financing. BAC is also the largest merchant bank in Central America and offers extensive credit card services, continuing its pioneering legacy in the credit card business.

Digital banking is a cornerstone of BAC's service offerings, with over 2.1 million customers regularly using the bank's digital banking platforms. The mobile banking application features contactless payment functionality through near-field communication (NFC) technology, allowing customers to make secure payments using their smartphones. The bank has upgraded 70% of its point-of-sale systems to contactless-ready technology and 80% of its card base now supports contactless payments.

BAC offers specialized solutions for small and medium-sized enterprises, including MiPOS, a Bluetooth-enabled card reader that allows businesses to accept card payments on mobile devices, and Compra-Click, a platform enabling small merchants to sell products through Facebook or email. The bank also operates wealth management services, treasury operations, and asset management divisions.

Question 6

What makes BAC International Bank unique?

Accepted Answer

BAC International Bank distinguishes itself as the first financial group in Central America to adhere to the United Nations Principles of Responsible Banking. The bank has adopted a "Net Positive" strategy, aiming to become the first financial group in the world to generate more environmental and social value than the footprint it creates through its operations.

This commitment manifests in the bank's "triple positive value" approach, meaning that with the same excellence and rigor applied to maximizing economic value, BAC also works to maximize and share social and environmental value with all stakeholders. This philosophy aligns the bank's operations with the United Nations Sustainable Development Goals.

From a technological standpoint, BAC was the first bank in Central America to offer credit cards in the 1970s and the first to launch a native mobile banking application in the region. The bank maintains a team of almost 300 highly skilled developers dedicated to improving its digital platforms and has created an ecosystem of non-bank companies to serve as its internal fintech incubator.

BAC has received over 60 international awards and recognitions in recent years and was named "Bank of the Year 2020 in Central America and Panama" by LatinFinance. The bank's leadership in digital transformation is evidenced by a 282% increase in digital monetary transactions over a five-year period.

Question 7

What type of financial institution is BAC International Bank?

Accepted Answer

BAC International Bank is classified as a universal bank (banco universal) under Panamanian banking regulations. As a holder of a General License from the Superintendency of Banks of Panama, the institution is authorized to conduct a full range of banking operations both domestically and internationally.

This classification allows BAC to offer comprehensive financial services across multiple business lines, including retail banking, commercial banking, corporate banking, investment banking, wealth management, and merchant banking services. The universal banking model enables BAC to serve diverse customer segments ranging from individual retail clients to large multinational corporations.

As a general license bank, BAC International Bank operates under consolidated supervision, meaning regulatory oversight extends to its numerous direct and indirect subsidiaries through which the bank provides financial services throughout Central America. The bank is also regulated as a bond issuer by the Superintendency of the Securities Market and the Panama Stock Exchange (Latinex).

BAC International Bank

in Panama 🇵🇦

Crypto-Friendliness

All done!

About BAC International Bank in Panama

BAC Intern­ational Bank