The Monetary Board authorized the Central Bank to assume control of the operations of the Banco del Comercio Dominicano which is in the final stages of selling its majority shareholding to the Banco Central Hispano de España. The Central Bank took the action to stop a run on the bank that would cause its collapse. The bank had opened on Monday, with depositors asking for RD$70 million. The Central Bank assumed 65% of the equity following an agreement with the majority shareholder.
The Central Bank guarantees the monies of depositors and the normal development of its financial transactions during the process of transfer of the property of the bank which is being carried out with the technical support of the Superintendent of Banks.
The commission that is in charge of the transfer is presided over by the vice-Governor of the Central Bank, Luis Manuel Piantini; Nieves Marmol de Periche, undermanager of Operations; Victor Vásquez, advisor to the Gerencia Técnica; Angélica Fondeur de Morín, director of Programación Monetaria; and France Claire Peynado de Taveras, legal advisor to the Gerencia Técnica. The Bank has agreed to sell 51% of its shares to the Spanish financial group. Some US$50 million is involved. The Central Hispano is delaying its decision, according to a report in the 1 May edition of Hoy.
Two Dominican banks and another foreign one are also interested in the Banco del Comercio, said Licenciado Hector Valdez Albizu, the governor of the Central Bank.