Outstanding track record and financial performance make Banco Promerica the first financial institution approved to issue preferred shares
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- As the financial institution with the highest percentage growth over the last three years, Banco Promerica becomes the first bank to issue shares on the Dominican Republic’s securities market.
- The structuring and placement agent will be PARVAL Puesto de Bolsa.
Santo Domingo, 13 September 2023.- Banco Promerica hosted a meeting at its corporate offices with representatives of the country’s main media outlets to share the institution’s most important achievements and the outstanding performance of Grupo Promerica, of which it is part. The group stands out as a diversified financial group with a strong presence in Central America, the Caribbean and Ecuador, with assets of more than US$20,000 million, net income of US$246 million and compound annual growth of 28.7% since its founding, reflecting a strong and sustainable growth strategy.
The remarks were given by its executive president, Carlos Julio Camilo, who presented the main indicators and achievements of Banco Promerica in the Dominican Republic, and highlighted that for the third year in a row the institution ranked first for percentage growth in its loan portfolio among the Top 10 Multiple Banks.
As part of its strategic plan in recent years, Promerica has diversified its portfolio with a broad base of commercial and personal clients, whose lending has outpaced average growth in multiple banking in practically all its lending products. The institution’s progress has been accompanied by excellent risk management, making it one of the banks with the lowest delinquency in the financial system, and in line with this Banco Promerica has improved its risk rating consecutively over the last 2 years.
Camilo highlighted that, thanks to these results and the growth of its operations, it has maintained very favourable profitability, with an average ROE of 20% over the last 3 years, which has allowed it to become the 5th largest private bank in the Dominican Republic as of June 2023.
After presenting the institution’s financial performance and management, the bank’s president emphasised the major milestone of becoming the first financial institution to obtain approval to issue preferred shares through a public offering from the Superintendency of the Securities Market of the Dominican Republic and the non-objection of the Superintendency of Banks of the Dominican Republic, together with the Dominican Republic Stock Exchange, noting that the structuring and placement agent will be PARVAL Puesto de Bolsa.
These funds aim to support the growth of the bank’s productive assets and will form part of the institution’s primary capital.
This important achievement of pioneering the issuance of preferred shares on the Dominican securities market reaffirms its commitment to innovation and to offering reliable investment instruments to its clients and investors in general.
This public share offering by Banco Promerica consists of preferred shares, which, unlike common or ordinary shares, have a pre-set dividend. Other important differences are that preferred shares have priority over common shares in the payment of dividends and, unlike common shares, have no voting rights, although they do have the right to speak at the institution’s shareholder meetings.
They said the details of the dividend structure, as well as the other terms of the instrument, will be made public soon with the publication of the offering prospectus.
Banco Promerica highlights its commitment to driving the development of the country’s various economic sectors, as well as continuing to provide clients with innovative digital financial solutions and promoting greater access to financial services, products and instruments in the Dominican Republic.
This important news not only reaffirms confidence in the country and in the Dominican Republic’s securities market, but also opens up new alternatives for Dominicans to diversify their investment portfolios.
About Banco Promerica
Headquartered in Santo Domingo, Banco Promerica is a multiple bank with more than 23 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.
About Grupo Promerica
Grupo Promerica is one of the most important regional financial groups, with total assets of around US$20.1 billion and equity of around US$1.7 billion, more than 3.1 million customers and a customer service network of more than 780 branches and agencies and more than 1,187 of its own ATMs.
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.
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