World June 27, 2023 | 8:30 am

The US approves two Banreservas offices, one in Miami and another in New York

Santo Domingo.- The Federal Reserve Board (Fed) of the United States has granted approval for the establishment of two representative offices of the Reserve Bank of the Dominican Republic. These offices will be located in New York and Miami.

Samuel Pereyra Rojas, the General Administrator of BanreservasRD, expressed his pride in announcing the official approval of the @federalreserve for the opening of two representative offices in New York and Miami, in a tweet on his Twitter profile.

The Fed released a statement on Monday afternoon, stating that Banreservas’ request to establish Representative Offices in New York and Miami had been approved. This decision was based on factors such as Banreservas’ operational history, financial resources, and regulatory compliance.

As the #ElBancoDeTodosLosDominicanos, Banreservas is committed to providing support and financial advice to Dominicans both within and outside the country. This commitment was reiterated by the administrator in a message posted on social media.

According to the Fed, the New York and Miami Representative Offices will act as intermediaries for Banreservas’ US clients and potential clients. Their primary functions will involve promoting Banreservas’ products and services, as well as handling administrative tasks. However, it is important to note that these offices will not be authorized to accept deposits, make credit decisions, or engage in activities related to securities trading, currency exchange, or goods transfer.

Banreservas previously opened its first representative office abroad in Madrid on January 17. With the addition of the new offices in Miami and New York, Banreservas becomes the first Dominican bank to have a presence in these significant US cities, as highlighted by Pereyra.

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