finance

Bank officials to gather in Panama

The global economic crisis is expected to be the main topic discussed at the upcoming convention.

la prensa

money talk: The global economic crisis will dominate a banking conference this week. 1118650

Some 1,200 bank executives from 44 countries will gather in Panama City this week for the XLII Annual Meeting of the Federation of Latin American Banks.

The conference, which begins today and ends Tuesday, will focus on the current global economic crisis, its impact on the region and the changes that need to be made in terms of oversight and regulation.

Currently, many banks worldwide are facing difficult situations in their operations, especially foreign trade, due to restrictions in lending practices adopted by some large institutions.

This situation may affect transactions in Latin American countries, said Mario de Diego, executive director of the Banking Association of Panama, which is hosting the event.

Renowned economist Noriel Roubini will deliver the keynote address at the convention. Another important speech is expected to be delivered by Inter-American Development Bank President Luis Alberto Moreno.

Many bank officials are expected to use the conference as a way to drum up business for their institutions. About 70 banks have rented meeting rooms in major hotels for this purpose. In fact, several hotels have reported that they have run out of meeting space.

A key point that is sure to be discussed during the meeting is the outcome of the G-20 meetings, which concluded yesterday in Washington. That meeting brought together the leaders from the world's major economies to discuss the current financial crisis and possible policies that can address the issue.