The Dominican banking system offers a uniquely favorable climate compared to many other markets around the world. Banks in the Dominican Republic are extremely well capitalized, exceeding the recommended 10 percent Bank for International Settlements (BIS) standard of Tier 1 capital by 30 percent on average and displaying system-wide credit delinquency ratios approaching world-class levels, of only 3.7 percent and dropping.

Dominican financial institutions are fully integrated into global banking systems through the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) and maintain solid relationships with banks in financial centers around the world.

Further, the Dominican banking system is supported by a robust technological infrastructure; debit and credit cards are accepted at over 21,000 points of sale and 1900 ATMs. American Express, Visa and Master-Card have over 1.8 million credit cards and 4.2 million debit cards in circulation.

Many factors contribute to the Dominican Republic’s status as a Caribbean oasis in the worldwide financial services sector. For example: 

• Macro-economic stability. This is due in part to the Central Bank’s commitment to ensure dollar and peso convertibility. Deposit accounts are available in US dollars, euros and pesos, and foreign exchange controls are minimal.

• Strong regulatory controls. The Dominican Republic’s Superintendence of Banks focuses on the same enterprise risk management issues that other banks are facing around the world with an emphasis on operational, credit and market risks. The Superintendent’s practices are reviewed with the International Monetary Fund and the World Bank and discussed with regulators from across the Americas and Spain. All key anti-money laundering compliance is monitored without exception.

• Transparency. Financial performance data and statistical information is available online and updated monthly. In October 2010, new financial indicators were made available by the Central Bank and the Superintendent of Banks, providing additional data for bank-specific and system-wide analytics.

• High-quality, resilient balance sheets in domestic banks. This is due in part to their restructuring and focus since the domestic crisis in 2003.

• Development of domestic capital markets with domestic debt issuance. These have been developed in pesos and in US dollars by top local corporations. 

The Dominican Republic financial services sector provides access to many types of financial institutions, including: 

• Bancos Multiples (commercial banks). These offer a complete line of transactional, savings and investment products, in both local and foreign currency.

• Bancos de Ahorro y Crédito (savings and loan institutions). These offer a slightly more limited product line that does not include checking accounts or deposits and loans in foreign currency. These banks can get funding from financial institutions in both local and foreign currency.

• Asociaciones de Ahorro y Préstamo (savings and loan associations). These offer a product line similar to Bancos de Ahorro y Crédito.• Corporaciones de Crédito (credit corporations). These offer certificates of deposit in local currency only; no checking or savings accounts are available. These institutions can get funds from other financial institutions in local currency only.

• Agentes de Cambio y Remesadoras (exchange and remittance agents). Under this charter, these institutions’ main activities are foreign exchange and international money transfer.

• Cooperativas (co-ops). These institutions are not currently regulated by the Monetary Law and offer a line of products similar to Bancos de Ahorro y Crédito. 

Banco del Progreso in particular is a main-stay of the Dominican banking system. With almost 40 years of operational experience, the bank has regained momentum following a recapitalization in 2006 with an injection of over US $400 million, and now enjoys formidable growth and profitability.

The bank is the fifth largest private bank by total assets in the Dominican Republic. It focuses on building lasting partnerships with our retail customers, small and mid-sized companies and continuously outpaces competitors by consistently exceeding customer expectations. It is also rated one of the best firms to work for in the Dominican Republic.

With over 300,000 customers, 56 branches, national coverage and more than 200 experienced business associates, Banco del Progreso is uniquely positioned to effectively serve the financial needs of its consumer, commercial and corporate customers.

In addition to offering a full line of financial products, Banco del Progreso draws from considerable expertise in international trade, investment advisory services and a world-class technology platform. It also offers comprehensive online banking. Banco del Progreso also benefits from an exclusive relationship with American Express, whose card-holders enjoy the same highest levels of quality, service and benefits as their counterparts worldwide.