From its beginning, the operation of BICSA in Panama was developed with strong professionalism in a very competitive market, which up to today is reflected in the outstanding position that it occupies among the Panamanian banks with foreign licenses. Panama also fulfills a role in the business of correspondent banks, concentrating itself in Brazil, Venezuela, Peru, Ecuador and Bolivia. Due to growth and diversification of banking businesses in Costa Rica orientated towards foreign commerce, at the end of the seventies, it was necessary to create an office in Costa Rica. In this way, on the 20 th of September, 1978, an office of representation was opened in San Jose. In 1978, the efforts to convert the office of San Jose into a Costa Rican private bank which offered clients a series of services specific to corporative banks and complementary services for businesses abroad, were successful.