Norfund makes first capital investment in the Dominican Republic

November 29, 2022

Banco Múltiple BDI, S.A. was selected by Norfund as the recipient of its first direct capital investment in the Dominican Republic. 

With this investment, Norfund has subscribed and paid for new shares of Banco BDI, equivalent to 20% of the subscribed capital stock and paid-in capital of the Entity. With this, Banco BDI continues to expand and strengthen its capital base.

Federico Fernández, Norfund’s Regional Director for Latin America, and Juan Carlos Rodríguez Copello, President of Banco BDI.

Banco BDI is a financial entity founded in 1974 under the name “Banco de Desarrollo Industrial, S.A.” In 2001, the Monetary Board approved the change of franchise to a commercial bank, authorized to provide multiple banking services, which was ratified by the Superintendency of Banks in 2002. 

In recent years, Banco BDI has focused its strategy on the innovation and digitization of products and services, on the constant improvement of service and customer relations, and on the sustainable growth of products and services to the public. 

The Superintendency of Banks of the Dominican Republic, through a Circular dated October 11, 2022, granted the corresponding no objection to the capital investment made by Norfund, thus complying with current regulations. 

The president of Banco BDI, Mr. Juan Carlos Rodríguez Copello, expressed pride and satisfaction that Banco BDI had been chosen by a sovereign fund with the prestige and track record of Norfund to be its partner in the Dominican Republic, while indicating that this investment constitutes an important recognition of the stability and soundness of the national financial system, as a result of the policies and measures of the Central Government and the monetary and financial authorities (Central Bank of the Dominican Republic and Superintendence of Banks) that encourage, promote and foster the domestic and foreign investment in the country. 

Norfund’s regional director for Latin America, Federico Fernández, said Norfund’s investment will support Banco BDI’s capital adequacy and prepare the bank for future growth opportunities.

“We look forward to partnering with Banco BDI to support economic growth and job creation in the Dominican Republic”

Federico Fernández, Regional Director for Latin America

With the investment made, Norfund will occupy a position on the Board of Directors of Banco BDI, thus becoming the first development financial institution, shareholder of the bank, with active participation in its Board, where it will contribute to the implementation of high international standards in environmental, social and corporate governance practices. 

With this strategic alliance between Banco BDI and Norfund, Banco BDI continues to consolidate its capital base, improve its market position, reduce funding costs, strengthen its risk profile and promote its digitalization and sustainability processes.