Banreservas: The Public Bank Changed the Dominican Republic's Future

Something interesting happened in the Dominican Republic. While much of Latin America continued to wrestle with slow economic growth, inflation, and rising public debt, the DR moved in a different and better direction.

In 2024, the Dominican economy grew by an impressive 5%. The public debt went down, from 61% of GDP to 57.5%. The nation's exports reached an all-time high of $13.85 billion, and inflation stayed below 4%.

These numbers weren't just impressive on paper. They reflected real improvements in the lives of everyday people, including more jobs, increased business opportunities, and greater financial stability.

But here's the twist: one of the biggest forces behind this growth wasn't a tech company, foreign investor, or government stimulus program. It was Banreservas, a state-owned bank.

Yes, a public bank has become one of the country's most powerful drivers of progress. And under the leadership of Samuel Pereyra, the institution's former executive president, Banreservas managed to turn the idea of a government-run bank on its head.

Changing the Story for State-Owned Banks

To be honest, state-owned banks don't excite most people. They are typically viewed as being too sluggish, antiquated, or politically mired to accomplish anything. But that script was rewritten by Pereyra's administration in Banreservas.

With assets of over RD$1 trillion, Banreservas surpassed private banks to become the largest financial institution in the Dominican Republic during Pereyra's administration, and became the biggest state-owned bank in the Caribbean and Central America, ranked among the top five banks in the region.

Between 2020 and 2025, Banreservas received more than 120 honours from reputable publications such as Global Finance and World Finance. These accolades acknowledged the bank's practical influence on small businesses, tourism, and regular Dominicans in addition to its size.

Backing the Country's Tourism Boom

Tourism has always played a big role in the Dominican Republic's economy. But in recent years, it has reached another level, and Banreservas has helped make that possible.

In 2024, more than 9 million tourists visited the DR, nearly twice as many as in 2021. The tourism industry brought in $20.5 billion, accounting for about 16% of the national economy.

How did the country pull that off? A big part of the answer was the team that led Banreservas between 2020 and 2025. In that period of time, the bank invested more than $700 million in tourism developments.

This included funding for cruise ports in Cabo Rojo and Samaná, as well as support for over 10 hotel developments in new hotspots like Puerto Plata and Miches.
At that time, Banreservas provided over 40% of all tourism loans in the country. That was nearly $1.93 billion in financing, more than any other bank.

Supporting Local Entrepreneurs

Tourism might have grabbed headlines, but behind the scenes, there were small and medium-sized businesses that kept the economy running. And Banreservas was right there with them, too.

Between 2020 and 2025, the bank loaned more than RD$223 billion to Dominican entrepreneurs. These funds helped launch new businesses, expand existing ones, and create jobs across the country.

The impact was clear in specific sectors. In manufacturing, loans jumped from RD$20.47 billion in 2020 to RD$31.97 billion in 2024 under Pereyra's administration of Banreservas.

In agriculture and livestock, lending grew from RD$4.49 billion to RD$14.4 billion.
That kind of financial support wasn't just good for the economy; it was life-changing in rural areas where access to capital was often limited.

The Man Behind the Mission: Samuel Pereyra

If you have followed Banreservas's incredible turnaround, there is one name you keep hearing: Samuel Pereyra.

During his time in office as the executive president of the bank, Pereyra led the bank through what is arguably its best run in 83 years. The numbers are pretty staggering, he grew the bank's capital from RD$10 billion all the way to RD$76 billion.

And get this: Banreservas became the first Dominican bank ever to reach RD$1 trillion in total assets.

But here's what was impressive about Pereyra: he figured out how to make a state bank work for all Dominicans.

Take financial inclusion, for example. That was Pereyra's pet project, and the results speak for themselves. During his administration, the bank opened over 900,000 new accounts, most of them for people who had never dealt with a bank before.

Through programs like "Bancarizar es Patria," families in low-income neighborhoods finally had access to basic banking services, loans, and financial education. It's the kind of stuff that sounds small but changes lives.

And Pereyra didn't just think locally. He was the one who got Banreservas to go international, the first Dominican bank to do it. They opened offices in New York, Miami, and Madrid during his administration.

What I find most interesting is how he expanded beyond just banking. He launched scholarship programs for kids from poor families, created financial literacy campaigns, and even invested in sports facilities and leagues across the country.

It wasn't just about making these kids financially literate, he was giving them places to play, compete, and dream bigger.

A New Model for Public Banking

Look, what happened at Banreservas wasn't just another corporate success story, it is proof that public banks don't have to suck.
Instead of being this bureaucratic money pit that everyone complained about, Banreservas, under the leadership of Pereyra, drove the country forward.

Pereyra showed that a state-owned bank could be innovative, efficient, and actually care about the people it was supposed to serve.
And honestly? That is something the rest of the world should take note of.

What This Means for Latin America

Banreservas stood out in an area where governmental institutions were routinely criticized and had poor public trust. It showed that state-owned banks are not constrained by their history.

They could become excellent development tools if they have strong leadership, well-defined goals, and a people-first approach.

The Dominican Republic has a history of sound investments, strong leadership, and long-term planning. A bank's decision to lead with purpose rather than profit was the impetus for most of it.

Banreservas, under the leadership of Samuel Pereyra, provided a practical example of what is feasible as other Latin American and Caribbean nations search for methods to recover and develop.

At the end of the day, progress isn't just about numbers. It's about building systems that actually work for people. And in that sense, Pereyra's administration of Banreservas has helped write a new chapter, not just for the DR, but for the whole region.