Dominican regulator dissolves Bankamerica

Santo Domingo.- The Superintendence of Banks announced Wednesday that it took control of Bancamérica to begin its dissolution, in accordance with the provisions of the Monetary Board in its Second Resolution of January 28, 2022.

According to a statement issued in the form of a frequently asked question, “it’s an orderly exit process from the system established in the Monetary and Financial Law, which means that, during the dissolution period, the personnel designated by the Superintendence of Banks will exercise the functions and powers of the shareholders, the board of directors, the managers, administrators and general representatives of the entity.”

The measure was due to the fact that the bank failed to comply with legal and regulatory provisions in the framework of a regularization plan.