Work hard and you will find success

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Multibank secures office space in Phase I building of the Panama Gem & Jewelry Center

16 september 2014
Panama's Multibank that also operates in Costa Rica and Colombia has become the first financial institution to secure office space in the Phase I building of the Panama Gem & Jewelry Center. The new branch will offer services especially tailored for the diamond and jewelry business.
The presence of the bank in the Center will enhance the range of services provided to professional residents of the Center. Providing services with regard to the needs of companies, working with diamonds, colored gemstone and jewelry, Multibank will become the first Latin American financial institution to specialize in these sectors.
"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," said Isaac Btesh, Multibank's CEO and Executive President.
Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange (PDE), said that "this is a most significant milestone in the development of the Center".
"And 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," he said.
Overseen by PDE, the $200 mln Panama Gem & Jewelry Center is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America. Serving as a trading hub for both regional and international companies, the center will serve a market that today is worth $8 billion, and comprises 11,500 retail jewelry outlets located in 20 countries and 23 islands.

Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished