Corporate Governance

Banconal is a financial institution at the service of the Panamanian Government. It endeavors to provide financial support for Panama’s economic development through active engagement in banking practices with in the public and private sectors. 

Banconal’s corporate governance system has been designed to be consistent with international standards and best practices and to comply with applicable laws and regulations enacted by regulatory authorities.

Banconal has built a robust structure of transparency, ethics and conduct, internal control, risk management and audit practices that contribute to and foster the development of not only the bank itself, but of its management and employees as well.

The Bank’s corporate governance model rests on four pillars:

• Optimum corporate governance practices
• Ethics
• Transparency
• Accountability

The Board of Directors of Banconal has approved a “Corporate Governance Code” that sets forth the general guidelines relating to the rules, practices and structure of Banconal’s corporate governance system. The guidelines provided in the code constitute a summary of practices and policies adopted by Banconal, which aim to comply with corporate governance practices imposed by the competent regulatory authorities and by international standards.

Institutional Values

Banco Nacional’s fundamental ethical values are:

• Passion and commitment
• Honesty
• Respect
• Transparency
• Quality
• Communication and team work

These values are to be encouraged and safeguarded by all bank employees.  Employees must behave in accordance of these values in a uniform and coherent manner at all times.

Mission

• To offer our clients quality financial products and services, strengthening the development of our employees and Panama.
• Select and retain human talent, highly qualified, constantly trained and motivated, that work together as a team to achieve our goals.
• Ensure technological services that optimize automation of business processes in an efficient manner.
• Operate with transparency, principles, and ethical and moral values.

Vision

First state owned bank, centered in customer service, recognized for its trustworthiness and financial strength, leader in offering quality and efficient innovative financial solutions, while reinforcing our employees’ and Panama’ development.

Strategic Guidelines

The Bank sets out five-year strategic plans to be implemented by management. The latest plan was outlined in the second half of 2019, with the objective of identifying, developing and exploiting business opportunities that will maintain the Bank’s steady and profitable growth.

In line with our Strategic Plan for 2020-2024, we aim to continue as one of the leading banks in Panama by strengthening our significant role in the development of the Panamanian economy, safeguarding government funds, facilitating funding to other financial institutions in Panama, maintaining superior profitability levels, providing excellent customer service and promoting greater financial inclusion throughout Panama.

We aim to fulfill our mission by focusing on:

1. Our Clients

We deliver the highest standards of service and attention to our clients, with outmost respect and gratitude for entrusting us with their resources.

2. Our People

We strive to recruit and retain a highly skilled workforce and to provide our employees with ongoing training, to keep them motivated to work as a team to better meet the needs of our customers.

3. Continuous Improvement

We aim to optimize our business processes, improve our technology platform, strengthen our risk and control functions, and increase our productivity and efficiency.

Board of Directors

It is the responsibility of the Board of Directors to set the policies for the proper functioning of the Bank; its improvement and its modernization as well as to supervise its administration in accordance with the provisions made it its Organic Law.

In addition to what the regulatory provision indicates, it will also comply with those responsibilities attributed to the Board of Directors through the different agreements issued by regulators and supervisory entities.

This instance of corporate governance is supported both by Senior Management and the different directive and executive committees for an effective administration and supervision of the different risks to which the Bank is exposed.

The Bank’ Board of Directors is comprised of 6 members:

President:

Nicolás Antonio Ardito Barletta Preston

Vice president:

Angel Dapena Lambridge

Directors:

Leroy Jhon Sheffer Montes

Lizbeth Ann Henríquez Leonard

Vivian Damaris Holness Medina

Efraín Ramón Castillero Castillo

Board of Directors Committees

The Board of Directors delegates certain functions and activities to committees made up of directors in order to investigate, evaluate and report to the Board specific matters that may affect the Bank's business.

The Board Committees are made up of members of the Board of Directors and in some cases, also by members of the Bank’s Senior Management. Each Board Committee is chaired by a member of the Board of Directors in order to guarantee independence in terms of decision-making and the correct execution of an adequate scheme of checks and balances.

Banconal’s Board Committees are as follows:

• Audit Board Committee - Bank
• Risks and Policies Board Committee
• Anti-Money Laundering Prevention Board Committee
• Credit Board Committee
• Trust Board Committee
• Human Resources Management Board Committee
• Assets and Liabilities Board Committee
• Corporate Governance Board Committee
• Financial System Operations Steering Committee Information
• Technology and Security Steering Committee
• Project Monitoring Steering Committee
• Corporate Sustainability Steering Committee

Senior Management

Banconal’s senior management is comprised of a General Manager, six Deputy General Managers responsible for the areas of Business; Finance and Treasury; Operations, Innovation and Technology; and Administration; and over 30 Executive Managers.

In addition, Banconal has established several committees to evaluate and make decisions with respect to various operational, lending and administrative matters.

Banconal’s senior management team has significant experience in the Panamanian banking industry, which has developed a strong reputation and working relationships both internally within Panama and internationally.

General Manager:

Javier Carrizo Esquivel

Deputy General Managers:

Javier Carrizo Esquivel. Mr. Carrizo has served as Banconal’s General Manager since July 25, 2019. He previously served as PVP of Corporate Business Development at Multibank (2005-2019), Executive Vice President at Banco Uno-Costa Rica (2004-2005), Vice President of Corporate and Commercial Banking at Banistmo (1998-2003), Vice President of Corporate Banking at Banco Continental de Panamá (1984-1998), Treasurer at Banco de Colombia-Panamá (1981-1984) and Credit Analyst at Chase Manhattan Bank-Panamá (1979-1981). Mr. Carrizo holds a bachelor’s degree of business science from Babson College.

Sergio Altamiranda D. Mr. Altamiranda has been Deputy General Manager of Risk and Compliance since June, 2024. Prior to joining Banconal, Mr. Altamiranda served as an Independent Banking Consultant (since January 2018), Vice President of Finance at Grupo Shahani (2015-2018), General Manager at Banco Universal (2014-2015), Consultant Advisor at Cartera de Inversiones Venezolanas, S.A. (2009-2014), General Manager at Caja de Ahorros (2004-2009), Manager of Special Credits at Primer Banco del Istmo (2003-2004) and Manager of Corporate Banking at Banco de Latinoamérica, S.A. (1990 to 2003). He holds a finance degree from the Universidad Católica Santa María la Antigua de Panama.

Milciades Denis B. Mr. Denis was appointed Deputy General Manager of Finance and Treasury of Banconal on July 2, 2019. Mr. Denis has a broad experience working previously as Director of Treasury at Banco Latinoamericano de Comercio Exterior (1988-2011) and as Vice President of Treasury and Investments at Multibank (2011-2018). Mr. Denis holds a bachelor of science from Louisiana State University.

Roberto J. Sousa N. Mr. Sousa was appointed Deputy General Manager of Administration of Banconal on October 6, 2014. Mr. Sousa has a broad experience as he previously worked at Rodelag, S.A. (2007-2009), he acted as Senior Finance Manager at Hospital Punta Pacifica, S.A. (2005-2007), as a Financial and Accounting Advisor at ChevronTexaco-West Africa (Congo-Benin-Togo-Ivory Coast) (2003-2004), and Accountant, Section Supervisor at Refinería Panamá, S.A. (ChevronTexaco Company) (1986-2002). Mr. Sousa holds a diploma in tax management from Columbus University (2007), a bachelor’s degree in accounting from ULACIT (1993) and a bachelor’s degree in finance from the Universidad Santa María La Antigua (1990).

Diana de la Guardia. Mrs. de la Guardia was appointed Deputy General Manager of Operations on September 1, 2021. Mrs. de la Guardia has over 30 years of experience in various management positions within financial institutions. She was in charge of the reorganization of Seagate Capital Corp. on behalf of the Stock Market Superintendency of Panama; Director of Administration and Finance at World Youth Day; Deputy General Manager of Finance and Treasury at Banco Nacional de Panama; National Audit Director at the Office of the General Comptroller of the Republic; Sales and Marketing Manager at Desarrollo Golf Coronado; Project Manager, Treasury Manager and General Manager at Lloyds TSB Bank. Mrs. de la Guardia holds an associate in Science in Business Computer Programming degree from Gwynedd Mercy College.

Executive Managers:

Code of Ethics and Conduct – Brokerage House Annex

Code of Ethics and Business Conduct

The Banks’s Code of Ethics and Business Conduct main objective is to highlight and share the ethical values of the institution, define the conducts expected within and outside of the Bank, as well as to establish the guidelines to discourage conflict of interest in order to preserve the image, reputation, integrity and reliability of the institution and the National Financial System.

The document is oriented towards promoting high standards of professional ethical conduct in order to comply with the law, to protect client interests, and to establish guidelines for a fair and equal work environment.

Compliance with the Code of Ethics and Business Conduct is mandatory for directors as well as employees; the document has been duly approved by the Bank’s Board of Directors and its contents is revised from time to time in accordance with the internal needs of the institution and the legal framework in place. All modifications are submitted to the Board for approval.

Code of Ethics and Conduct – Brokerage House Annex

The Code of Ethics and Conduct – Annex for the Brokerage House has the objective of guiding the ethical and conduct actions of the officers assigned to the Bank's Brokerage House, according to the provisions set forth in Agreement 6-2018 of the Superintendency of the Securities Market of Panama.

Conflict of Interest

The Board of Directors in its roll to oversee the application and execution of policies to identify possible conflicts of interest, has developed a formal policy for situations that arise or could arise that create conflict of interest.

The Code of Ethics and Business Conduct contains the parameters and policies to manage situations or possible situations of conflict of interest with the objective to preserve independent criteria and principles of equality.

Among the guidelines developed for directors as well as employees included in the Code of Ethics and Business Conduct are the following:

• It is an obligation to avoid, at all possible, activities that could generate conflict of interest.
• The commitment to reveal, be it, a director or any other employee of the Bank, any situation that could represent or could be perceived as conflict of interest.
• A list of diverse examples, without limitations, of conducts that could indicate real or potential situations of conflict of interest.
• Reporting procedures of situations that involve a real or potential conflict of interest.
• It is the responsibility of directors, senior management, and employees to abstain from participating or engaging in issues that could have real or potential conflict of interest.