LONDON, July 19, 2019 (GLOBE NEWSWIRE) — The Dominican Republic’s financial sector has developed swiftly in recent years. Following the downward spiral of the country’s financial crisis in 2003, the government and the central bank have worked meticulously to both reform the banking industry and stabilise the economy.
Triumphantly, between 2008 and 2018, the nation has achieved economic growth of over five percent each year, on average. This not only represents a strong pace of growth, but also one of the highest rates in the Latin American and Caribbean region.
Banreservas – the largest bank in the country – has been an integral part of the country’s turnaround.
In recognition of the role Banreservas has played in developing the Dominican Republic’s banking sector, World Finance magazine has awarded it the Best Banking Group in the Dominican Republic for 2019.
The group’s outstanding work across a number of banking segments has earned it three additional awards: Best Commercial Bank, Best Retail Bank and Best Investment Bank in the Dominican Republic for 2019. This marks the second year in a row that Banreservas has won four World Finance awards.
Banreservas continues to support the growth of the Dominican Republic by backing sectors such as construction, agriculture, small businesses and tourism, through its services and financing. This is key, as these markets are vital to the continued prosperity of the Dominican Republic.
In order to keep pace with recent advances in technology, Banreservas has also undergone a rapid technological transformation. The firm has even joined an international peer-to-peer network for blockchain technology, the Interbank Information Network, which is revolutionising the way banks interact with one another.
By undertaking the most comprehensive technological advances of any bank in the country’s history, Banreservas has ensured that it will meet the challenges of a digitising world head-on.
To read more about the winners of the World Finance Banking Awards 2019, check out the latest edition of World Finance, available in print and online now.
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