Banco de Reservas de la República Dominicana
Last year, Banco de Reservas de la República Dominicana (Banreservas) was the only financial institution in the Dominican Republic to reach the Dp$100bn ($2.9bn) asset milestone and Dp$2bn in net income, achieving one of the highest growth and profitability rates in the country.
This was the result of a management strategy that focused on quality service, operational efficiency and strict control of administrative and operations expenses.
“We will continue to provide an excellent quality service to our customer base and develop business opportunities through new market niches, achieving profitability based on a vision of efficiency, productivity and transparency in our operations,” says general manager Daniel Toribio Marmolejos. “Our business philosophy will continue to be the value of efficiency.”
Banreservas provided new products and services to customers to penetrate new market niches. It created a cash concentration centre, in which corporates can make cash deposits or withdrawals without the need to queue. It initiated procedures to offer the distribution of remittances, to take advantage of the significant volume the country receives from Dominicans living and working abroad. The group also set up its own brokerage house, which started operations with investment banking transactions and custody and administration of government bonds.
Banreservas was the first Dominican bank to comply with the Regulations of Protection to the Consumer of Financial Services, and was able to transform itself into an open and transparent entity for its customers. It focused its strategy on growing business opportunities and achieving profitability based on a vision of efficiency, productivity and transparency across its entire operations.
