Panama’s Multibank occupies office space in Panama Gem & Jewelry Center

Phase 1 of the Panama Gem & Jewelry Center, will house Panama’s Multibank, which is the first financial institution to secure office space in the facility. The bank, headquartered in Panama City, also has operations in Costa Rica and Colombia, a representative office in Peru, and is the main company in the Multi Financial Group.

The branch in the Panama Gem & Jewelry Center will serve to offer services especially tailored for the diamond and jewelry business, and in so doing will become the first Latin American financial institution to specialize in these sectors. With the branch within the facility, professional residents of the center will also benefit. The Panama Gem & Jewelry Center is poised to be the primary trading hub for the diamond, colored gemstone and jewelry industry in the entire region.

Isaac Btesh, Multibank’s CEO and Executive President said, “The potential of Latin America to grow into the world’s next great jewelry market, and Panama’s proven capacity to serve as a professional, efficient and service-oriented business platform, provide the promise of a winning formula. Capital facilities, financial expertise and international banking acumen are the oil that will fuel the engine, and ensure that it runs smoothly. Multibank is committed to provide the gem and jewelry sector in Panama all of those,” Mr. Btesh added.

Speaking on Multibank occupying office space, Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange (PDE), said, “it is especially pleasing that the first bank to take up residence in the complex is a local financial institution. It underscores the level of support and the degree of confidence that the regional financial community has in this important project.” The $200 million Panama Gem & Jewelry Center is the largest and most ambitious development project undertaken on behalf of the jewelry and gemstone trades in Latin America, serving as a trading hub for both regional and international companies. The Phase I building will serve as the headquarters of PDE and is slated for completion before the end of the year. Construction on Phase 2 will begin in 2015 and is expected to finish by 2017.