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BAC Panama and PALIG Partner to Expand Financial and Insurance Solutions for SMEs
Panama
July 08, 2026
Estimated Reading Time: 3m
Panama, July 8, 2026 — BAC Panama and Pan‑American Life Insurance of Panama (PALIG), two organizations with decades of experience in the country, announced a strategic alliance to expand access for Panamanian small and medium‑sized enterprises (SMEs) to financial and insurance solutions for their employees and families.
The agreement was signed on International SME Day, established by the United Nations in 2017 to recognize the role of small and medium‑sized businesses in the global economy. In Panama, SMEs represent 97% of the business sector and generate more than 57% of national employment, according to data from the Ministry of Economy and Finance and the Inter‑American Development Bank (January 2025). The country also ranks among the leaders in early‑stage entrepreneurship in Latin America, according to the Global Entrepreneurship Monitor 2023/2024.
BAC’s SME Ecosystem integrates sustainable financing products, payment solutions, digital banking, and business development programs. In 2025 alone, more than 1,700 entrepreneurs in Panama participated in training initiatives promoted by the bank.
“SMEs are the engine of Panama. Through this partnership with our strategic partner, PALIG, we are providing them with the support they need to protect their people and focus on growing their businesses,” said Raúl Arosemena, Vice President of Business Banking at BAC Panama.
The alliance is complemented by PALIG’s insurance solutions. As a leading provider of life, accident and health insurance in Panama, PALIG offers access to a network of more than 28,500 medical providers across the Americas, along with specialized solutions designed to provide support, confidence, and protection to its customers.
For BAC, employee well‑being is a top priority. Through this alliance, the bank extends that commitment to the employees of its SME clients, facilitating access to health and life insurance solutions designed to care for the people who drive each business and contribute to Panama’s prosperity.
The initiative seeks to simplify access for SMEs to insurance alternatives for their teams, dependents, and families, helping strengthen business stability, operational continuity, and growth potential.
“This alliance with BAC Panama represents a strategic step in our commitment to supporting the growth and sustainability of small and medium‑sized enterprises across the country. Through our health and life insurance coverages, SMEs not only strengthen their ability to attract and retain talent but also evolve into stronger business structures, where protecting human capital becomes a strategic pillar for driving productivity, operational continuity, and business sustainability—contributing increasingly to the dynamism and development of the country's productive sector,” said Tony Eleta, Country Manager of PALIG Panama.
Behind every SME is a story of hard work, dreams, and perseverance. Through this partnership, BAC and PALIG reaffirm their commitment to supporting entrepreneurs with solutions that protect their most valuable asset—their people—and contribute to the country’s progress and sustainable development.
About BAC
BAC is the leading bank in Central America, with operations in all six countries of the region. It serves more than 5.8 million customers, including 4 million active digital customers, employs more than 21,000 team members, and supports over 300,000 businesses. Its purpose is to "Reimagine banking to generate prosperity in the communities it serves." Guided by the values of integrity, excellence, and passion, BAC strives to be a pioneer, demonstrating that banking can maximize economic, environmental, and social value simultaneously with the same rigor and excellence.
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP (PALIG)
Pan‑American Life Insurance Group (PALIG) is a leading provider of life, accident, and health insurance, serving more than 7.3 million customers across the United States, Latin America, and the Caribbean. Founded in 1911 and headquartered in New Orleans, Louisiana, PALIG operates through over 30 member companies and 2,200 employees with a presence in 22 countries. Backed by a Financial Strength Rating of A (Strong) from Fitch Ratings and A (Excellent) from AM Best, PALIG offers top‑rated individual and group insurance products, along with employee benefits designed to support lifelong well‑being. Guided by a purpose — to be there when people need us most — PALIG is committed to delivering both financial protection and benefits solutions. Learn more about how they are people you can trust for life at palig.com.
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