In Panama the Davivienda Group Reaches $80 Billion in Assets and Strengthens Panama as the Hub of its Regional Strategy.

The Panamanian financial market has been active in recent months with mergers and acquisitions that have marked a new stage in the operations of regional banking groups. One of these was finalized in December 2025 when Banco Davivienda Panamá formally integrated the operations of Scotiabank, a strategic regional move by the Bolívar Group, which also absorbed operations in Colombia and Costa Rica. 

Javier Suárez pictured above, president of Davivienda Group, highlights Panama’s strategic role in the regional operation.

Nine months after the creation of this consolidated entity in Panama, Javier José Suárez Esparragoza, president and CEO of Davivienda Group, recounts from the Panama Viejo Historical Monumental Complex, the balance of the transaction and where the bank is focusing.  He explained to news media that the group is undergoing a consolidation phase following the incorporation of operations formerly belonging to Scotiabank. He noted that the entity has nearly $80 billion in assets and over $60 billion in loan portfolio, a scale that, he indicated, places it among the 10 largest banks in the region, excluding Brazilian entities.

Davivienda Group reported a gross loan portfolio of COP 201.1 trillion, equivalent to approximately US $58.4 billion, at the close of the second quarter of 2026. The portfolio showed a quarterly change of -0.6% and year-over-year growth of 1.0%.  The operation in Panama has been strengthened by banking integration and aims to be a regional hub.  “For us, Panama plays a dual role. On the one hand, we have the presence of our local banks in Panama, which gains a great deal in scale, and on the other hand, Panama also serves as a financial center in dollars for the Davivienda Group’s operations in all the countries where we operate,” Suárez Esparragoza emphasized.

“The operation basically triples with the incorporation of the assets coming from Scotiabank and gives us the scale to operate under better conditions in Panama,” he highlighted.  As of June 2026, Davivienda Panama reported assets of $5,493 million, a loan portfolio of $3,606 million and deposits of $4,487 million, of which $1,776 million correspond to demand deposits.  The CEO of Davivienda Group explains that Panama is a highly competitive market where margins can be tight, partly due to that competition, and where efficiency is a very important factor in managing the banking business.  “We want to improve efficiency and scale as well, in order to deliver better services to customers.” 

Javier Suárez, president of Davivienda Group, states that the entity is entering a new stage in Panama with the challenge of consolidating its operations, promoting digital transformation, and offering a simpler experience to its customers.

Davivienda Group’s puzzle in the region has consolidated this year from Panama as one of the relevant players, to which has been added the operation in Costa Rica and Colombia where they also acquired the operations of Scotiabank.  “In addition to these three countries that are involved in this process, we also have our operation in El Salvador, in Honduras, and an operation in the United States, in Miami.” 

Javier José Suárez Esparragoza, observing the heritage of Panama Viejo where the Panamanian capital was forged, indicates that the group, which also has solid foundations and more than 80 years of history, is expanding and taking advantage of artificial intelligence advances to better understand the customer and provide personalized attention.  “In terms of growth, we have been growing at a double-digit rate.

We are also doubling last year’s profits and approaching the profitability we expect in the medium term.”  Like all businesses, banking will be one of the most impacted by Artificial Intelligence.  The CEO of Davivienda Group indicates that artificial intelligence will be one of the main drivers of change for the financial industry, considering that banking is one of the sectors with the greatest potential for transformation through this technology, and they believe that the changes will improve the dynamics of the business.

During his visit to Panama, Javier Suárez presented “Rojo Tú,” a collection that seeks to express the essence of Davivienda and its connection with people in the markets where it operates. 

He revealed that Davivienda has a team of more than 80 people dedicated exclusively to driving this transformation with AI, although he warned that its implementation requires caution due to the associated risks.  The executive also noted that new generations are redefining expectations about financial services, demanding simpler, faster, and more digital experiences.  “Young people believe in a simple, easy experience. They are very sensitive to any friction that may exist in their experiences with banks or fintechs,” he said.

Some of the handcrafted accessories pictured above at “Rojo Tú” were made by indigenous communities in Colombia and Panama, such as the Emberá people, represented by their artisans in this image.

For Suárez, the challenge for banks will be to combine technological agility with the trust that financial institutions traditionally offer.  “The challenge lies in the execution, in how each of the entities, and in our case it is an obsession, how we manage to dramatically improve the simplicity and ease of the services we offer.”

“We are in a process of consolidation, seeking efficiencies, but above all seeking better value propositions for all customers in the countries of the region where we operate,” said Suárez, who highlighted the strategic importance of Panama within this new stage of the group.