2003News

Bancredito deal approved

The Monetary Board approved the purchase of Bancredito?s finance companies by the Banco Profesional. The Banco Profesional is the banking arm of the E. Le?n Jimenes business group that also owns Presidente beer and Marlboro cigarettes in the Dominican Republic, among other companies. Banco Profesional will take over Banco Nacional de Cr?dito, Bancredicard (the credit card company), and Acciones y Valores (a local commercial paper trading company), among other financially-related companies. The Grupo Financiero Nacional announced it would concentrate on Segna, the insurance company, Tricom, the country?s second largest telecommunication company, and the San Isidro Free Zone.