Overview of Banks in the Dominican Republic (DR)
There are 17 different financial institutions and banks in the Dominican Republic (DR). They include commercial banks, mortgage banks, state-owned banks, and savings and loans institutions. Banco Central de la República Dominicana (BCRD) is responsible for regulating the monetary system and banks in the Dominican Republic. Established in 1947, BCRD is governed by the Monetary and Financial Law.
From a B1 rating, Moody’s Investors Service recently upgraded the long-term issuer and debt rating of the Dominican Republic to Ba3. Its outlook also changed from positive to stable. The rating agency attributes the improved outlook to the country’s continued strong growth and a decline in fiscal deficit.
For anyone considering a banking career in the Dominican Republic, this list of top banks in the Dominican Republic is a helpful guide on where to start. To learn more, see our list of financial institutions.
The top banks in the Dominican Republic include:
In terms of assets, BanReservas is the largest of the banks in the Dominican Republic. Founded in 1941, the bank provides personal and business banking solutions. In 2016, finance magazines Latin Finance, World Finance, and The Banker named BanReservas as Dominican Bank of the Year. In 2017, finance magazine Euromoney recognized BanReservas as the Best Bank of the Dominican Republic.
Banco Popular Dominicano
Established in 1963, Banco Popular Dominicano (BPD) provides a range of financial solutions, including savings, checking, loans, insurance, and investments to over two million customers. It offers personal accident and life insurance through its bancassurance services. Headquartered in Santo Domingo, it operates the largest network of the banks in the Dominican Republic, with more than 200 branches.
Banco BHD Leon
One of the largest banks in the Dominican Republic is Banco BHD Leon, which was established in 1972. The bank holds a 19% market share and provides a range of banking products through more than 133 branches and over 545 ATMs across the country.
Banco BHD Leon serves over 980,000 customers and specializes in various segments, including individuals, small and medium-sized enterprises, and corporations, as well as government departments. In 2013, the American Chamber of Commerce recognized Banco BHD Leon with a Social Responsibility Award.
Banco Dominicano del Progreso
Banco Dominicano del Progreso provides financial services, specializing in personal banking, as well as in medium-sized business and corporate banking. The bank oversees a network of 57 branches and 169 ATMs throughout the country. It also operates an online banking platform and a 24/7 world-class service contact center.
In 1974, the bank was founded under the name Banco de Boston Dominicano S.A. as a subsidiary of the First National Bank of Boston. The name Banco Dominicano del Progreso was adopted in 1984.
Banco Santa Cruz
Banco Santa Cruz was established in 1983 under the name Inversiones Santa Cruz, SA., with the aim of promoting agro-industrial development and trade. The bank provides a comprehensive portfolio of financial products and services to over 140,000 customers in the Dominican Republic.
Banco BDI was established in 1974 and was authorized to operate by the Monetary Board. From 1975 to 1987, it played a significant role in mobilizing resources for the agro-business and industrial sectors of the Dominican Republic. In 1988, it expanded its services to private and corporate banking.
Formerly known as Banco de Desarrollo Industrial, it adopted its current name in 2001. The bank provides deposit, checking, consumer finance, and Internet banking services. Headquartered in Santo Domingo, it currently employs 258 individuals.
Founded in 2002, Banco Múltiple Vimenca SA offers a wide range of financial services. The bank operates under the governance of the Monetary and Financial Law. Operating as part of the Empresas Vimenca group, it oversees seven offices in the country – five in Santo Domingo and two branches in Santiago and Bávaro, putting it among the smallest banks in the Dominican Republic.
Scotiabank República Dominicana
Established in 1920, Scotiabank República Dominicana provides personal and corporate banking products and services, with a focus on small and medium-sized companies and corporations in the country. The private financial institution operates as a subsidiary of the Scotiabank Group and manages a network of 74 branches and 20 sales points.
Citi Dominican Republic
The international financial group, Citibank, started its operations in the Dominican Republic more than 50 years ago. Citi Dominican Republic offers a wide range of banking products and services to individuals, local and multinational corporations, and financial institutions. It made a mark in the country by offering Trade Finance & Services and Debt Issuance programs.
Citi Dominican Republic is also known for its community development initiatives, such as funding basic education and microfinance projects. It was recognized by leading publications as the Best Corporate/Institutional Internet Bank and also for Best Bank Performance. It has been ranked in the list of the Top 25 Best Companies in the country.
Banco Unión was established in 2008 with the aim of providing financial products to immigrants and revolutionizing the payment of remittances in the Dominican Republic. It oversees one of the largest payment networks in the country, operating through a network of correspondents in the US, Latin America, Spain, and other European countries.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in the Dominican Republic (DR). For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: