Banco Promerica’s risk rating upgraded

• Pacific Credit Rating upgraded Banco Promerica’s risk rating from “BBB+” to “A-” with a stable outlook, thanks to the institution’s strong performance.

Santo Domingo, June 2021.- Banco Promerica Dominican Republic has had its risk rating upgraded from “BBB+” to “A-” with a stable outlook by rating agency Pacific Credit Rating. The result reflects its position as the fastest-growing bank of the last 3 years, while maintaining excellent profitability indicators and adequate levels of solvency and liquidity. The rating also takes into account the track record and strength of Promerica Financial Corporation (Grupo Promerica), parent company of Banco Promerica Dominican Republic.

The executive president of Banco Promerica, Carlos Julio Camilo, explained that the rating upgrade reflects the excellent performance of the financial institution, which has become the fifth largest private multiple bank in the Dominican Republic, with total assets of around RD$40 billion at the end of March 2021.

Along the same lines, he said the risk rating upgrade reflects the bank’s hard work in continuously improving its structure and processes, with a view to offering products and services that exceed customers’ expectations.

“Promerica’s significant expansion in the country in recent years has been the result of high-quality work by the institution’s more than 500 employees, who work every day to offer a Close, Innovative and Agile service to all our customers. This work has made us the preferred bank of thousands of customers who identify with our work culture and find in the bank the financial partner that best supports them in achieving their dreams”, said Mr Camilo.

In its analysis, Pacific Credit Rating highlighted the importance of Grupo Promerica as one of the region’s most important financial groups, with 30 years of financial services, total assets of around US$16.5 billion, equity of around US$1.4 billion, 2.4 million customers and a customer service network of more than 740 branches and more than 1,000 ATMs.

About Banco Promerica

Headquartered in Santo Domingo, Banco Promerica is a multiple bank with 21 years of local presence, focusing on personal customers, small and medium-sized businesses, corporate and institutional clients, and the Payment Methods business. Banco Promerica is a member of Grupo Promerica (through the holding company Promerica Financial Corporation), made up of nine banks operating in Central America, Ecuador, the Cayman Islands and the Dominican Republic.

Through the financial services it offers, Grupo Promerica constantly contributes to financial inclusion and to the economic progress of the societies and communities it serves.