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A new Dominican bank, Banco Vimenca, opened its doors this week to compete in the local commercial banking market, Dominican news service Listin Digital reported.
The owner and chairman of the new bank, local businessman Victor Mendez Capellan, said he had always "dreamed" of running a commercial bank.
He said the new bank would offer multiple banking products and services in different business segments.
Vimenca has reached agreements with US-based giants Bank of America and First Union National Bank to act as correspondent banks on the US on behalf of the Dominican bank, Mendez said.