World's third-largest bank buys Panama's biggest

Recently a visitor to this site wrote me to say that talking about parrots and toucans was okay, but what about safety and financial security in Panama?

CNN reported that last week that European banking giant HSBC has agreed to a friendly $1.77 billion takeover of Panama's Grupo Banistmo, the biggest banking group in Central America, further boosting its presence in Latin America.

HSBC Holdings has banking operations in 76 countries. Latin America has become increasingly popular to big foreign banks like HSBC, Citigroup and BBVA in recent years as they reap attractive profits from the region's hefty service fees and fat net interest margins.

London-based HSBC, the world's third-biggest bank, already owns Mexico's fourth-largest bank and one of Brazil's top ten, and has said it wants to grow more in Latin America.

Your money is as safe in Panama as it could be anywhere — perhaps safer than in many countries.

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