Fondo de Ahorro de Panama Reveals Two New Board Members

Posted on 10/14/2019

Fondo de Ahorro de Panama (FAP) added two new board members to the sovereign wealth fund, while two board members exited. Panama’s Ministry of Economy and Finance revealed on October 4, 2019, that Moisés Cohen and Julio Javier Justiniani were sworn in as members of the Board of Directors of FAP, and in replacement of outgoing Directors Alberto Vallarino Clément and Alberto Alemán Zubieta, respectively. The new directors were ratified by the National Assembly on September 24, 2019. FAP has 7 members on its board of directors, which are nominated by the Executive branch and ratified by the National Assembly to serve for a period of seven years.

According to a press release by FAP, “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.”

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