Banesco Multiple Bank

Banesco Banco Múltiple, S.A. is a Dominican Republic multiple-bank (banco múltiple) headquartered in Santo Domingo. It began commercial operations in March 2011 after the Monetary Board authorized it in December 2010 to serve personal banking, small and medium-sized enterprises, and corporations. The entity is part of Banesco Internacional, a financial group with origins in Venezuela and a holding presence in Spain; the Dominican bank is a subsidiary of Banesco Panamá. The bank serves personal, premium, SME, business and corporate segments. Its product set includes credit cards, deposit accounts, term deposits, loans, digital banking, and channels such as a WhatsApp virtual assistant named DANI. It also promotes a SuperCashBack program offering 7% cashback in selected categories, and provides credit-score and personal-finance tools. The bank publishes quarterly financial reports and annual memorias (annual reports) and CSR reports, and has maintained an A+ rating from Feller Rate with a stable outlook. Banesco Internacional traces its origins to 1986 with the creation of Escotet Casa de Bolsa in Venezuela, entering banking in 1991 through the acquisition of Grupo Bancentro, later renamed Grupo Financiero Banesco. Internationalization began with operations in Panama and Puerto Rico between 1992 and 1993, followed by Banesco USA Bank in Miami in 2006 (merged with Puerto Rico in 2011 to form Banesco USA), the Dominican Republic authorization in 2011, the purchase of SFA Banco in Curaçao, and Banesco USA's acquisition of Brickell Bank in Miami in 2019. As of December 2022, Banesco Internacional entities reported 5,500 employees, 249 branches, more than 4.8 million clients, a business volume of US$12,894 million and net equity of US$997 million. Founder and principal shareholder Juan Carlos Escotet Rodríguez is also the main shareholder of ABANCA in Spain. The Dominican operation positions itself as a local bank with global reach, emphasizing service excellence and digital channels. It is regulated as a Dominican multiple bank and operates under the Banesco brand in the Dominican Republic.

Banesco Banco Múltiple, S.A. is a Dominican financial institution established in Santo Domingo. In December 2010, the Monetary Board authorized it to offer services for personal banking, small and medium-sized enterprises, and corporations. Commercial operations began in March 2011 as Banesco Banco Múltiple S.A., fulfilling the expansion plans traced by the group in the region. The bank has focused on service excellence across Personal, Premium, SME, Business and Corporate banking segments. The bank's parent group, Banesco Internacional, was born in Venezuela in 1986 with the creation of Escotet Casa de Bolsa. It entered the banking sector in Venezuela in 1991 through the acquisition and takeover of a regional bank called Grupo Bancentro, which later became Grupo Financiero Banesco. The corporation's internationalization process began with the establishment of operations in Panama and Puerto Rico between 1992 and 1993, and has continued since, giving it a presence in different locations worldwide under a global vision of financial services. In 2006, Banesco USA Bank was created with headquarters in Miami; this entity merged with Puerto Rico in 2011 to form Banesco USA. The presence in Latin America and the Caribbean was reinforced with the arrival in the Dominican Republic, with the authorization of Banesco Banco Múltiple, S.A. in 2011. Group expansion continued with the purchase of SFA Banco in Curaçao, while in 2019 Banesco USA acquired Brickell Bank in Miami. Banesco's internationalization model established the creation of independent local institutions in each country, formed by native teams with local financial experience and market reputation. The Dominican entity is a subsidiary of Banesco Panamá, and the group's holding is located in Spain. Banesco Internacional is the result of more than 20 mergers and acquisitions, with operations in the United States and Latin America, presence in six countries, and four independent financial groups: Banesco USA (Florida, United States), Banesco Panamá, Banesco República Dominicana and Banesco Venezuela. As of December 2022, the entities making up Banesco Internacional had 5,500 employees and a network of 249 branches serving more than 4.8 million clients. The business volume of Banesco Internacional at that date was US$12,894 million and its net equity amounted to US$997 million. Its founder and principal shareholder is banker and economist Juan Carlos Escotet Rodríguez. His sons, Carlos Alberto and Carlos Eduardo Escotet Alviarez, participate in the direction of Banesco Internacional. Juan Carlos Escotet Rodríguez is also the principal shareholder of ABANCA, an independent financial institution headquartered in Spain and regulated by the European Central Bank. ABANCA has positioned itself as one of the most profitable banks in Spain, with presence in Spain, Portugal, Germany, France, Switzerland, Great Britain, USA, Brazil, Mexico, Venezuela and Panama. In 2018 it acquired the operations of Banco Caixa Geral in Spain and the Portuguese subsidiary of Deutsche Bank Private & Commercial Client. Its most recent acquisitions are the Basque financial institution Bankoa and the Spanish branches of Portuguese bank Novo Banco, both in 2021. ABANCA is the seventh bank in Spain by total assets and its business volume exceeds US$185,000 million. As of December 2022 it employed 6,156 people and its capital (net equity) at that date reached US$4,709 million. In the Dominican Republic, Banesco has published annual reports (memorias) since at least 2013, with titles reflecting its evolution, and has maintained an A+ rating from Feller Rate. The bank has also developed digital channels, including a WhatsApp virtual assistant named DANI, and a SuperCashBack program offering 7% cashback in selected categories.

• 2022

  As of December, Banesco Internacional entities report 5,500 employees, 249 branches, more than 4.8 million clients, US$12,894 million business volume and US$997 million net equity.

• 2019

  Banesco USA acquires Brickell Bank in Miami.

• 2011

  Banesco Banco Múltiple, S.A. begins commercial operations in the Dominican Republic in March; Banesco USA Bank merges with Puerto Rico to form Banesco USA.

• 2010

  In December, the Monetary Board authorizes Banesco Banco Múltiple to offer services for personal banking, SMEs and corporations.

• 2006

  Banesco USA Bank created with headquarters in Miami.

• 1992

  Internationalization begins with operations in Panama and Puerto Rico (1992–1993).

• 1991

  Banesco enters banking in Venezuela through acquisition and takeover of Grupo Bancentro, later renamed Grupo Financiero Banesco.

• 1986

  Banesco Internacional born in Venezuela with the creation of Escotet Casa de Bolsa.

A local bank with global reach, focused on service excellence across personal, premium, SME, business and corporate segments.

• Credit cards

  Credit card products offered to personal and other segments.

• Deposit accounts

  Deposit account products.

• Term deposits

  Time deposit products.

• Loans

  Loan products for personal, SME, business and corporate clients.

• Digital banking

  Banking transactions from anywhere via digital channels.

• DANI WhatsApp virtual assistant

  Virtual assistant on WhatsApp to help with main queries and transactions of Banesco products.

• SuperCashBack

  Program offering 7% cashback in selected categories for local and international purchases.

• Credit score and personal finance tools

  Monthly 'Tus Finanzas' tools accessible via mobile.

1. 1Banesco Rep. Dominicana - Banca Personalbanesco.com.do
2. 2Banesco Rep. Dominicana - Somos Banescobanesco.com.do
3. 3Banesco Rep. Dominicana - Informes trimestralesbanesco.com.do
4. 4Banesco Rep. Dominicana - Memoriasbanesco.com.do
5. 5Wikidata - Banesco Multiple Bankwikidata.org
6. 6Wikipedia - Banesco Banco Múltiplees.wikipedia.org