History of the Bank
In the late 1960s, the reform of the Organic Law of the National Banking System opened the possibility for Costa Rican state-owned commercial banks to carry out operations outside the country.
In 1972, a further amendment allowed state banks to choose the most convenient structure for carrying out international transactions, if they acted jointly.
With this vision, a group of Costa Rican bankers, led by the National Bank, began efforts in 1973 to open a branch in Panama, submitting the correspondent application to the Central Bank of Costa Rica. Shortly after, the other state banks joined the project, becoming shareholders of what we know today as BICSA.
In October 1974, the Central Bank established the guidelines for opening of a bank in Panama, and on November 25, 1975, the Comptroller General’s Office granted the corresponding authorization. Finally, on September 20, 1976, BICSA was established, backed by the State banks, support that remains to this day as its main strength.
The initial capital was US$1.25 million, with the aim of providing commercial financial services to corporate clients. Panama was chosen for its favorable legislation, its dynamic financial center, and the opportunities derived from the Central American Common Market.
From its inception, BICSA has established itself in Panama with professionalism in a highly competitive market, achieving a prominent position among foreign-licensed banks. In addition, Panama became a strategic hub for correspondent banking operations.
During the economic crisis of the 1980s, BICSA played a crucial role in the national economy, serving as the main channel through which the partner banks and the Central Bank to negotiate abroad amid international restrictions. This period marked a milestone in the consolidation of BICSA as a key player in the development of foreign trade.
Today, we have representative offices in Guatemala, El Salvador, Mexico and Miami, in addition to our Customer Service Office in Costa Rica, reaffirming our commitment to the region and to our clients.
