Banco Nacional de Panamá (Banconal) is a financial entity at the service of the Panamanian state and of all the productive sectors of the country. Its purpose is to promote the development of the national economy. Banco Nacional de Panama was founded in June 1904. In 1911, it changed its name to Banco Nacional and in 1956 was declared as state bank with. Its main functions are to act as state fiscal agent and depository of the nation's funds, regulate the flow of interbank documents and provide commercial, private and consumer banking services.