Press Release

New Board Members of the Fondo de Ahorro de Panama

Panama | October 14, 2019

The Fondo de Ahorro de Panama (“FAP” or “Fund”) refers to the Ministry of Economy and Finance’s October 4, 2019 announcement, whereby Mr. Moisés Cohen and Julio Javier Justiniani are sworn in as members of the Board of Directors of the Fund, and in replacement of outgoing Directors Alberto Vallarino Clément and Alberto Alemán Zubieta, respectively. The new directors were ratified by the National Assembly on Tuesday, September 24, 2019. 

Mr. Moisés Cohen, a banker, entrepreneur, writer and former president of the Banking Association of Panama, has more than 25 years of professional experience in the financial and banking sector; he is currently President of Capital Bank, a Panamanian financial conglomerate. Mr. Cohen, a lawyer by training and author of the book “Entrepreneurs of Panama,” has a master's degree in Commercial Law from Stanford University (California) and a specialization in Mediation and Negotiation from Harvard University (Massachusetts).

Mr. Julio Javier Justiniani, a financial professional with more than 30 years of experience in executive positions in banking and financial markets, has an MBA from the University of Louisville, and has completed a High Level Finance training program at INCAE. Mr. Justiniani has held leadership positions in the financial sector, such as Commissioner of Panama’s Superintendence of Securities Markets and President of the Board of Directors of the Savings and Pensions System for Public Servants. Additionally, he is a certified international evaluator from the Financial Action Task Force of South America; he holds another certification from the Financial Stability Institute / International Organization of Securities Commissions (IOSCO) in Portfolio Negotiation and Market Infrastructure.

The Fund has seven members on its Board of Directors. New members to the Board of Directors are nominated by the Executive branch and ratified by the National Assembly to serve for a period of seven years.

 

About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
 
 
###