Press Release...June 29, 1999...PanAmerican BanCorp Opens Buenos Aires Office to Capitalize on the Expanding Mortgage Needs of Latin America
Tuesday June 29, 9:41 am Eastern Time
PanAmerican BanCorp Opens Buenos Aires Office to Capitalize on the Expanding Mortgage Needs of Latin America
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 29, 1999--PanAmerican BanCorp (OTC BB:PABN - news) has opened an office in Buenos Aires, Argentina to take advantage of the expanding demand for in the booming Latin American housing market.
A significant infusion of new capital must enter the Latin American economy to meet the mortgage needs of the burgeoning number of homebuyers.
The growth in the Argentina's housing market alone over the next few years is estimated at three million new homes. ''Many foreign firms are planning to capitalize on the tremendous opportunity available in Latin America,'' stated John Schmitz, CEO of PanAmerican BanCorp, ''We have moved quickly to establish our presence so that we can be at the forefront of those entering this dynamic market.''
PanAmerican BanCorp chose to open it's first South American office in Buenos Aires because of Argentina's commitment to securitize mortgages by adopting policies similar to those established by the U.S mortgage banking industry. This will enable the Company to purchase pools of mortgages that can be offered to institutional investors.
The new office is strategically located in the business center of one of Latin America's largest cities at Cerrito 260, 9th Floor, 1010, Buenos Aires, Argentina. PanAmerican BanCorp has appointed Mirta Sosa, who has extensive contacts throughout Argentina, as Branch Manager.
The Company is also hosting its first on-line ''Meet the Management'' program today at 2 P.M. featuring PanAmerican BanCorp's CEO, John Schmitz. ''Meet the Management'', a live videoconference, will be presented monthly on the Company's DEAO Channel through PanAmerican Internet Group, a wholly owned subsidiary, of PanAmerican BanCorp. Attendees can log on through the Company's Web site, panambancorp.com.
PanAmerican BanCorp was initially formed to take advantage of undeveloped niches in international mortgage banking and to provide technologically advanced applications for the mortgage industry. Since then, PanAmerican BanCorp has branched into other endeavors. These endeavors include: PanAmerican Healthcare; Insider Trading, a security trading system for sophisticated investors; the development of a ''dot com'' division known as PanAmerican Internet Group; a joint venture with FirstStates Financial Services Corp. to form a federally chartered thrift institution; and a recently announced agreement with Healthwyz, Inc. to market the DigiBill(TM) product in North and South America.
Except for historical information, the matters discussed in this news release may be considered ''Forward-looking'' statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and involve a number of risks and uncertainties that could materially affect results.
Contact:
PanAmerican BanCorp
Investor Relations
Raymond Gamble, 516/951-1638
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