Top Banks In The Dominican Republic

Mirroring the shift from a past marked by foreign domination and authoritarian rule to its modern status as a vibrant and free Caribbean nation, banks have played a pivotal role in the Dominican Republic’s exceptional growth and financial development.

Banks have been a cornerstone of economic expansion, providing essential credit to burgeoning industries, fostering greater financial inclusion, and helping the country move beyond its traditional agricultural base into sectors such as tourism, manufacturing and services. The transition has proved remarkably successful: the Dominican economy has experienced growth nearly three times the regional average for the past two decades.

Today, banks are not merely providing traditional financial services, but have become drivers of innovation, spearheading fintech solutions and contributing to the country’s sustainable development initiatives. These are the leading banks in the Dominican Republic listed alphabetically, each with its own distinctive strengths and history.

Asociacion Popular de Ahorros y Prestamos (APAP)

Also known by its acronym, APAP, the Asociación Popular de Ahorros y Préstamos was established in 1962 with the primary goal of financing the purchase, construction and improvement of homes for lower and middle-income families. While still formally classified as a savings and loan association, today the institution operates much like a bank, offering a wide range of financial services, including checking accounts, loans and credit cards. It also provides financial solutions for small and medium enterprises, as well as for corporate clients.

With assets exceeding $2 billion and its trademark customer-centric approach, APAP is among the top financial institutions in the Dominican Republic and a pillar of its banking system.

Banco BHD

Founded in 1972 as Banco Hipotecario Dominicano by a small group of businessmen, Banco BHD started as a mortgage bank. Since then, Banco BHD has actively contributed to the Dominican Republic’s financial reform process and gradually transformed itself into the country’s first commercial bank. Today, it is the second-largest private lender in the country and third-largest overall.

With assets of around $10 billion, one million customers representing about 20% of the market, more than 4,000 employees and customer service offices nationwide, Banco BHD offers banking solutions to individuals and businesses of all sizes, as well as financial institutions and government entities.  Banco BHD also takes great pride in its commitment to social responsibility, supporting microfinance, environmental projects, youth programs and social initiatives aimed at women’s empowerment.

Banco Popular Dominicano

Born in 1929 in Santiago de los Caballeros, Alejandro Grullón’s family business was tied to the production of lumber and agricultural products—he chose banking instead. Founded by Grullón in 1963, Banco Popular Dominicano was established to serve rural communities and support small businesses. Today, with assets of about $10 billion, it is the largest private bank and the second-largest overall in the Dominican Republic.

Banco Popular Dominicano provides financial solutions to over two million customers in all areas of banking, including personal, business and corporate services. With a particular focus on young customers, the bank has also been at the forefront of digital and mobile banking: currently, about 90% of Banco Popular’s operations are conducted online. Over the years, the institution has also won many Global Finance Awards, including multiple recognitions as the Best Private Bank in the Dominican Republic, as well as in the Sustainable Finance, Foreign Exchange and Consumer Digital Banks categories.

Banco Santa Cruz

Founded in 1999, Banco Santa Cruz specializes in credit, insurance and financial consulting for individuals and small-to-midsize businesses across all sectors. What began as a single branch in Santiago at the turn of the millennium has since grown into a nationwide institution, with 49 business centers and more than 2,200 employees catering to over 600,000 clients.

A leader in digital innovation, the bank has prioritized cutting-edge financial solutions to serve its tech-savvy customers. It was also a pioneer in microfinancing in the Dominican Republic, playing a key role in expanding financial access for underserved communities. Beyond banking, Banco Santa Cruz is committed to social impact, investing in education, entrepreneurship and community development.

BanReservas

One million Dominican pesos in initial funding, six offices in six different cities, and one mission: bringing banking to the masses, promoting economic stability and supporting international trade. This was Banco de Reservas de la República Dominicana in 1941, the year of its foundation. Today, it is simply known as BanReservas, and it accounts for one-third of the country’s banking assets, worth about $20 billion. With over 10,000 employees and 300 branches serving more than 3 million customers in the Dominican Republic, BanReservas offers a wide range of solutions to a broad clientele, from individual consumers to government entities, and businesses of all sizes. In addition, BanReservas backs social programs focused on community initiatives in health, housing and education, and champions cultural and sporting events.

With offices in Madrid, New York and Miami, the International Banking division of BanReservas aims to connect clients in other countries with the Dominican economic and banking system, and to boost investment in the country. BanReservas has won innumerable Global Finance Awards, most notably in the Best Bank in the World, Safest Bank, Best SME Bank and Best Trade Finance Providers categories.

Cibao Savings and Loan Association

Known locally as Asociación Cibao de Ahorros y Préstamos, or ACAP, the Cibao Savings and Loan Association was founded—much like its larger counterpart APAP—to meet the housing and banking demands that emerged after the end of the authoritarian Trujillo regime, and to support the phase of economic growth, social progress and entrepreneurial opportunity that came afterward. 

Established in 1962, from its mortgage-based origins ACAP has since evolved into a full-service financial institution. Over the decades, it has financed countless micro, small and midsize businesses, as well as major residential developments, high-rises and shopping centers across the country.

Today, ACAP operates a network of 55 branches and 60 ATMs nationwide, offering a broad range of financial products, including savings and investment accounts, loans and credit cards, and insurance services.

Scotiabank República Dominicana

In a banking landscape dominated by homegrown institutions, the Canadian Scotiabank has held its own for more than one hundred years. In the Dominican Republic since 1920, today the bank operates 58 branches, 23 agencies and 99 ATMs nationwide. With more than 2,000 employees and a diversified portfolio spanning retail banking to corporate finance, Scotiabank República Dominicana delivers tailored solutions for individuals and businesses of all sizes, including specialized microcredit services.

Not only has Scotiabank been supporting the nation’s economic evolution, but also its communities. The institution prioritizes financial inclusion through innovative products, grassroots partnerships, and various community initiatives in education, health, arts and cultural programs.