(Information submitted by the signatory company)
Caja de Ahorros, under the management of Andrés Farrugia, is promoting a structural plan to address the 94% delinquency rate at the BHN and strengthen access to social housing in Panama.
The Savings Bank, under the direction of its general manager, Andrés Farrugia, assumed the task of leading the restructuring of the National Mortgage Bank (BHN), after confirming a delinquency rate exceeding 94% of its portfolio, estimated at more than $250 million.
The strategic plan establishes that the Savings Bank will not absorb the BHN's non-performing portfolio, but rather will package it into a trust for independent management, avoiding the risk of financial contamination of its own assets.
Among the measures contemplated is the reduction of branches and staff at the National Mortgage Bank, which currently has about 450 employees, a figure considered unsustainable in the current context.
At the same time, the Savings Bank remains firmly committed to social housing. As of August 13, 2025, more than 4,000 mortgages have been approved for an approximate amount of $305 million, and the annual projection remains between 5,500 and 6,000 transactions.
The restructuring process also includes a voluntary retirement plan, aimed primarily at long-term employees and retirees. The Savings Bank currently has approximately 2,400 employees, representing an increase of 800 positions compared to 2021. In the last 14 months, approximately 150 people have been laid off as part of the ongoing institutional reorganization.
Under Andrés Farrugia's administration, the Savings Bank is promoting this plan with the goal of protecting the institution's strength and strengthening its role in financial inclusion and promoting the right to decent housing for thousands of Panamanian families.
Contact.
Contact name: Andrés Farrugia.
Contact description: Savings Bank.
Contact phone number: +507 800-2252.
