Panama City-headquartered Multibank has secured office space in Panama Gem & JewelryCenter becoming the first financial institution to be associated with the new project of the Panama Diamond Exchange.

The bank which has operations in Panama, Costa Rica and Colombia as well as a representative office in Peru, is part of the Multi Financial Group. The space booked by the bank in the Phase I building of the Center will be utilised to offer services especially tailored for the diamond and jewellery business. Thus it will become the first Latin American financial institution to specialise in these sectors.

Isaac Btesh, Multibank's CEO and Executive President said, "Latin America has the potential to grow into a great jewellery market and Multibank is committed to provide the gem and jewellery sector in Panama with the capital facilities, financial expertise and international banking acumen needed to make that happen.”

The $200 million Panama Gem &JewelryCenter, located in the Vaguil Free Zone, is the largest of its kind in Latin America and is expected to develop as a trading hub for both regional and international companies. The Latin American market is today estimated at $8 billion, and comprises 11,500 retail jewelry outlets located in 20 countries and 23 islands.