Two of the nation?s largest financial institutions – the Banco Popular (BP) and the Grupo Financiera Nacional (GFN), which is the parent of Banco Nacional de Credito – denied that they are engaged in merger talks. Miguel Tejada, GFN?s Vice-President for Communications said that the story that appeared in yesterday?s edition of Hoy was ?without foundation.? His expression was echoed by Jose Marmol, BP?s Communications Vice President, who said that the article came ?as a surprise to the President of the bank.? The rumor was floated against a background of mergers that have recently characterized the DR?s banking sector. So far, this year, Banco Metropoltano and Banco del Progresso were merged; Banco Intercontinental has acquired Banco del Exterior; and Banco BHD is in the process of consolidation with the Banco Fiduciario. An article in today?s El Siglo describes the DR?s banks as collectively, having earned over $DR2 billion in profits this year.
