The biggest news of the day is the confirmation of the takeover by Banco del Progreso of the Banco Intercontinental, putting to rest the rumors of an impending movement within the banking sector that had been circulating for at least two weeks. Baninter president, Ramon Baez Figueroa had denied the deal until jointly announcing it with Pedro Castillo, president of the Banco del Progreso. Yesterday?s List?n Diario (owned by Baninter financial group) had carried a front-page story that told of how the financial authorities were assuring the public that the banking sector was stable, and that the rumors were false and prejudicial.
Today we learn, however, that the Banco del Progreso has indeed acquired the Banco Intercontinental, the Intercontinental Insurance Company and the Baninter and Trust Company. The Banco del Progreso now assumes control and management of all Baninter operations. The merger creates one of the largest banking conglomerates in the country with its interests expanding to media, insurance and real estate sectors.
The Monetary Board of the Central Bank approved the resolution that permitted the purchase in a unanimous vote, calling the Banco del Progreso ?one of the most solid economic groups in the country?. The Monetary Board authorized the purchase by implementing a mechanism of ?fusion-absorption?.
The list of board members of the two banks reads like a Who?s Who in Dominican financial, commercial and financial leaders. Among them are: Roberto Bonetti, Miguel Barletta, Berndt Ladurner, Juan B. Vicini, Reafael Perell?, Jos? Diez, Andres Gustavo Pastoriza and Renaud Anselin. In the official announcement, names such as Najri, Menendez, Liranzo, Roig, Rannik and Dupuy and German bank DEG are mentioned as Baninter supporters.