The Dominican Republic’s banking system is undergoing a sort of makeover thanks to two recent acquisitions, new legislation and the inevitable changes brought about by technology.
In August 2018, the fourth largest bank in the country, the local business of Canada’s Scotiabank, acquired Banco Dominicano del Progreso, the fifth largest. The deal boosts Scotiabank’s market share to 9%. Then in October, the much smaller Banco Multiple Activo, a Venezuelan subsidiary, announced it would be taking over savings bank Banco de Ahorro y Crédito Banaci. Activo is second smallest of the 18 multiservice lenders in the Dominican system.
