Bancamérica reports assets amounting to RD$ 3,577 million, which represent 0.13% of the total assets of the system and place it in position number 31 among the 49 financial intermediation entities.
SANTO DOMINGO. – The Monetary Board ordered the dissolution of Banco Múltiple de Las Americas, SA (Bancamérica), an entity that had been under a special supervision regime since 2019, following a regularization plan that it failed to comply with.
The decision was adopted, through the Second Resolution of January 28, 2022, in accordance with the provisions of Article 62 of Law No. 183-02 Monetary and Financial of November 21, 2002, relating to the causes of dissolution, explains a statement from the Superintendency of Banks (SB).
The note specifies that as part of the regularization plan, the SB required Bancamérica to return deposits held in related entities abroad, increase capital, and strengthen its collection methods and internal controls.
It indicates that during the plan's term, the entity and its operations were closely monitored, including by special supervisors. The entity neither remedied the principal non-compliance, related to the repatriation of deposits held in a foreign affiliate, nor contributed additional capital.
Bank profile
Bancamérica reports assets amounting to RD$ 3,577 million, which represent 0.13% of the total assets of the system and place it in position number 31 among the 49 financial intermediation entities.
The institution has 28,485 depositors, representing 0.34% of the system. Only 15,260 have a balance in their accounts and/or savings instruments, totaling RD$3,257 million. The number of debtors amounts to 5,438, representing 0.27% of the system.
The SB clarifies that given Bancamérica's market share and the fact that it has minimal interconnection with other participants , no contagion risk is expected as a result of its exit.
As part of the dissolution process and in accordance with regulatory protocols, the Superintendency of Banks will ensure that the assets and liabilities (loans and deposits) of Bancamérica are transferred to another financial intermediation entity through a transparent and competitive bidding process, within the next 30 days.
The Monetary Board has set the implicit deposit coverage at RD$1,860,000 per depositor. 98.1% of the entity's depositors have savings below this threshold.
Bancamérica depositors and creditors are hereby informed that, starting Monday, February 7, 2022, they must visit the bank's branches to validate their deposits and other receivables, or do so virtually through the following channels:
