Banesco To Open in Dominican Republic

Banesco was authorized by the Panamanian Banking Superintendence to open a branch in Dominican Republic.

Tuesday, September 21, 2010

From yesterday’s official government newspaper:

“BANESCO is authorized to open a branch in Dominican Republic.

This authorization has no relation with Banesco’s compliance with any rules and regulations in place in Dominican Republic, which the company will have to comply with”.

More on this topic

New Bank Opens in Panama

May 2010

Balboa Bank & Trust will open on May 31; it was recently authorized to operate by the Banking Superintendence.

The institution was born after Strategic Investors Group Inc. completed the purchase of 100% of the shares of Stanford Bank (Panama) S.A.

“Ramón Martínez Stagg, executive vice president and CEO of Balboa Bank & Trust, remarked that the bank has a solid financial structure and a robust service platform to grow in a sustainable way”, reported Panamá América.

New bank to begin operations in El Salvador

September 2008

The Industrial Bank of El Salvador is completing the procedures at the Financial System Superintendence to formally become a bank.

According to the Superintendence, shareholders will hold 1% or more of the social capital of said company which is being created and includes: Banco Industrial S.A. (from Guatemala), Construagro S.A. (from El Salvador), y José Luis Zablah Touché (from El Salvador).

Banesco looking to expand

September 2008

The bank is planning to start operations in Costa Rica and the Dominican Republic in the first quarter of 2009.

According to Alberto De Armas, executive president of the Venezuelan bank, they would offer banking services in both countries to meet the needs of consumers in those markets.

Venezuela's Banesco to set up regional headquarters in Panama

May 2008

Venezuelan bank Banesco is setting up a regional headquarters in Panama next year for an expansion project in Central America and the Caribbean.

Costa Rica, Guatemala and the Dominican Republic are the first countries that Banesco executives have set their sights on. Ricardo Ayala, chairman of the bank's board, emphasized that Banesco would finance the expansion from its own resources.

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