US$4.7B deal creates Dominican Republic’s 2nd biggest bank
Santo Domingo.- The CEOs of the financial groups BHD and Leon on Wednesday announced their merger which will now be Dominican Republic’s second biggest bank, with a 20% market share with assets of RD$200.0 billion (US$4.7 billion).
The transaction, which takes effect in January, includes the purchase of part of the BHD’s stake in the Spanish bank Sabadell.
The three-stage merger starts with the creation of the BHD Leon group, then the integration of the two banks’ securities trading agency from January to March which will become the Banco BHD Leon; the bourse trading BHD Leon, with prior approval by the Monetary Board, and thirdly the acquisition of Sabadell.
Speaking in a luncheon with senior executives and media publishers, BHD CEO Luis Molina Achecar revealed that the negotiation started in August and will close this month and “are quite advanced.” He said the Monetary Board gave the BHD-Leon deal the “green light.”
Category: DR News |