The Banco del Progreso group had made an offer to purchase Baninter on 24 March, however the deal fell through after the bank?s true state of finances was discovered. Hoy newspaper explained yesterday that the group desisted from pursuing the venture after verifying that the largest part of Baninter?s assets and liabilities were not related to banking. Hoy newspaper reports that the beleaguered Baninter did not comply with the law that obliges all banks to publish their financial statements within the first 90 days of the year. The newspaper also points out that the bank was allowed a level of advances and discounts that was far in excess of its authorized capital ? another violation of the banking law.
Hoy goes on to mention how sources have explained that the loan portfolio of the bank includes numerous loans considered unrecoverable, some of which are above RD$1 billion.
Furthermore, El Caribe newspaper reports that as part of the deal with the Progreso, Baninter bank president, Ram?n B?ez Figueroa, would have received US$100 million in return for 90% of his shares in Banco Intercontinental and Intercontinental de Seguros, and 100% of his shares in Baninter & Trust (Grand Cayman). The money would have gone to cover the bank?s debts owed to six companies ? List?n Diario newspaper (US$5 million); Interduty Free y/o Bankinvest-GPM Asset Management (US$45 million); Distribuidora Internacional de Petroleo-Tropigas (US$5 million); Telecentro 13, Canal 27; Fujifilm; and Baninter TV affiliates, such as RNN (US$25 million). The agreement established that B?ez Figueroa would retain ownership of the shares of Baninter in AFP Porvenir (US$20 million) and that the Progreso would receive Baninter or Baez Figueroa?s shares in the TV companies Antena 21, Telecable Nacional and Antena Latina. Other non-banking assets are the newspaper Editora El Siglo; its sister printing company, Impresora El Siglo; a 30,000-meter lot in the Herrera commercial zone; and 50% participation in Delta Comercial (the Toyota dealership), among other companies.