Economy August 3, 2022 | 8:53 am

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Local bank to open 3 offices in USA

The internationalization of the state-owned Banco de Reservas (Banreservas) will be a reality as of October this year, with the opening of its first Representation Office in Spain, and will continue during the first quarter of 2023 with the installation of another two in Miami and New York
The purpose of this expansion is to facilitate banking services to the Dominican diaspora, which numbers some two million emigrants, not counting their foreign-born descendants, who have strong ties to the country of origin of their parents and grandparents, in addition to supporting export management of large, small and medium-sized companies, indicated Banreservas.

He specified that the representative offices will replicate all the bank’s services from the place where they operate, but the financial operations will be carried out in the Dominican Republic, which will speed up and carry out the banking procedures of Dominicans in their country, without having to travel to Quisqueya. .

Samuel Pereyra, general administrator of the instit.

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Paul Tierney
August 3, 2022 9:07 am

This will be a great asset to Dominicans. Family, friends, and associates in the USA can make deposits into accounts,accounts that can be accessed by their people in the RD. No more high remittance fees for many. Surely, can we expect the remittance companies to lower prices as a result of new cheaper competition?

August 15, 2022 7:32 am