SANTO DOMINGO- Banco de Reservas (Banreservas) reported today that, under the current administration, it has achieved the largest capital increase in its 83-year history.
"This milestone highlights a remarkable growth from 10 billion pesos in 2020, to 39 billion in January 2022, and, more recently, to 76 billion in August 2024," a press release notes.
The increase, which represents a 660% expansion from the initial 10 billion, has been made possible thanks to the recent amendment of Law Number 13-24, which updates the Organic Law of the Bank, as well as the capitalization of profits generated in recent years.
This modification will significantly expand the institution's capitalization capabilities and strengthen its financial position, Banreservas indicates.
The document states that the capital increase will significantly strengthen the institution, resulting in improved services through investments in technology and operations, greater stability and financial security, and an expansion of benefits and programs available to citizens.
Furthermore, it will allow for greater support for community development initiatives and projects of public interest, benefiting Dominicans.
Exponential growth
Commenting on this measure, Banreservas CEO Samuel Pereyra stated: “The exponential growth of our capital is a testament to the hard work and dedication of our team, as well as the importance of the recent amendment to Law Number 13-24. This update to the Bank’s Organic Law has been fundamental in allowing us to strengthen our capabilities and expand our leadership.”.
Pereyra added that the financial institution "is committed to the continued development and improvement of its financial services for the community.".
"This increase not only strengthens the bank's operational capacity, but also reflects our mission to provide a positive impact on the lives of all Dominicans," he emphasized in the document.
