Banesco opens Dominican Republic operations

Thursday, April 7, 2011

Venezuela's Banesco has launched operations in the Dominican Republic, the bank said in a press release.

Investment in its headquarters there and first bank branch during the first year of operations will be US$25mn, Banesco president Juan Carlos Escotet said, according to the release.

Banesco is the largest bank in Venezuela and has operations in Panama, the US, and Puerto Rico. As of the close of February, the financial group had assets on its balance sheet worth more than US$14bn and a loan portfolio worth US$7bn, the release said.

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