The Dominican Association of Commercial Banks has changed name. It is now to be known as Asociación de Bancos Múltiples de la República Dominicana, acknowledging that it groups a diversity of institutions in the Dominican financial system. The Asociación de Bancos Múltiples maintains its acronym as ABA.
In a press release, the ABA executive president, Rosanna Ruiz, explained that the name change is in line with the denomination of multiple banks provided for in the Monetary and Financial Law. The entities range from those that handle savings and deposits from the public to those managing investments and channeling loans to the productive sectors.
Ruiz said the change is also part of a broader process of reform carried out by the association as part of its contributions to the national financial system’s development and sustainability.
“We are very proud to have this new vision, an Association of Multiple Banks with a sense of greater presence in the population and society, contributing to a more inclusive and sustainable economy for the Dominican Republic,” said the president of the ABA.
ABA represents financial entities that together have more than RD$1.54 billion in the financial system.
12 February 2021