Listin Diario reports on the notable expansion of banking in the Dominican Republic last year, with Dominican banks opening at least 80 new branches in 2002 alone. The 12 leading banks now have 248 branches and 246 agencies nationwide, according to data from the Superintendence of Banks. Many of the new branches were opened in major stores, bringing the banks closer to the consumer.
Past legislation has restricted the entry of new foreign banks and has thereby increased the profitability of local banks.
As banks continue to increase their expansion efforts, the Listin report highlights that consumers are now served nationwide by more than 1,500 automatic teller machines. Many local banks also improved their Internet banking services in 2002.
