World's largest bank heads for Panama

The world's largest bank, ICBC -- the Industrial and Commercial Bank of China -- is in the process of internal authorizations prior to the request for a general license in Panama that will allow it to operate both inside and outside of the country.

“A bank of this magnitude is positive for the country because it would bring an important player that will promote more financing from Panama both internally and in the region," said Ricardo Fernandez, the nation's Superintendent of Banks.

The superintendent made the statement during the announcements of the First International Banking Congress for Regulators and Bankers, to be held in Panama in  February of nest year.