The Federal Reserve has approved an application by Banco de Reservas de la República Dominicana in Santo Domingo, Dominican Republic, to open representative offices in New York and Miami.
The $18.5 billion-asset Banreservas is the biggest commercial bank in the Dominican Republic. The bank is 100% owned by the Dominican Republic.
The offices would act as liaisons with the bank’s current and prospective U.S. clients. They would also promote and market the bank’s products and services, perform back-office functions and conduct market research.
“Based on all the facts of record, including the commitments that Banreservas provided, it has been determined that [the bank] is subject to a supervisory framework that is consistent with the proposed activities of the” planned offices, the Fed said.