NewsWhore
02-22-2010, 01:30 PM
With the entry of the commercial banks into the mortgage market, the DR's savings and loan associations (S&Ls) have gone through a process of mergers that has reduced their number from 19 to 10. Of these, 5 were mergers and 3 were liquidated. The 2002 Monetary and Finance Law permits the commercial banks, under the name of Multi-banks, to enter the mortgage financing field, which had previously been exclusively in the hands of the S&L associations. As a result of this competition, the stronger associations merged with the smaller ones. The Nortena in Puerto Plata, the Noroestana in Mao and the Dominicana in Santo Domingo were the first 3 to be absorbed by larger entities, followed by La Previsora in Santiago and the Higuamo in San Pedro de Macoris. Currently, the nation's savings and loan associations are the Popular, La Nacional, the Cibao, La Vega Real, Peravia, Duarte, Maguana, Mocana, Bonao and Romana. The Asociacion Cibao had 32 offices and RD$18.3 billion in assets in 2008. The Popular S&L has 50 offices and RD$28 billion in assets.
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More... (http://www.dr1.com/index.html#7)