Banco Intercontinental: A Look at Its Past and Present

Banco Intercontinental has a rich history that spans over 70 years. It was founded in 1943 in Colombia.

The bank's early years were marked by a focus on providing financial services to small and medium-sized businesses. This approach helped the bank establish a strong presence in the local market.

Banco Intercontinental's commitment to innovation is evident in its early adoption of technology. The bank introduced its first automated teller machine in the 1970s, making it one of the first banks in the country to do so.

Today, Banco Intercontinental continues to evolve and adapt to the changing needs of its customers.

The Banco Intercontinental was founded in 1986 by Ramón Báez Romano and his associates, starting with a growing patrimony of RD$6 million pesos.

It was a significant year for the bank, as it marked the beginning of its operations. In 1989, the bank's system of registration was automated, and InterBanco was created as a parallel bank to Baninter, allowing its administrators to transfer large amounts of capital without reflecting them as overdrafts in the books.

By the mid-1990s, the bank had grown, but it also faced challenges, particularly with the collapse of Banco del Comercio (BanComercio) between 1995 and 1996. The executives of Baninter managed to acquire the remaining assets of this bank, presenting a request to the Central Bank.

The Banco Intercontinental was founded in 1986 by Ramón Báez Romano and his associates.

Its first year ended with a rising patrimony of RD$6 million pesos.

In 1989, the Baninter automated its registration system and created InterBanco, a parallel bank that allowed its administrators to transfer large amounts of capital without showing up as overdrafts in the records.

This was a clever move, but it also laid the groundwork for future problems.

The Baninter's executives managed to buy the remaining assets of the Bank of Commerce in 1995-1996, presenting a request to the Central Bank.

In 1996, the Baninter merged with the Bank of Commerce, which was already in trouble.

That year, the Baninter closed with a patrimonial deficit of RD$342 million, compared to a deficit of RD$54 million the previous year.

The acquisition of the Bank of Commerce marked the beginning of a steep decline in the Baninter's fortunes.

The Banco's growth was a gradual process that spanned over a century. It was founded in 1850 as a small financial institution in a small town.

The bank's early success was largely due to its innovative approach to banking services. The Banco introduced the first savings account in the region, which was a groundbreaking concept at the time.

As the bank grew, it expanded its services to include loans and credit facilities. This move helped to establish the Banco as a trusted financial partner in the community.

By the early 1900s, the Banco had become a major player in the regional banking scene. It had a strong presence in the local economy and was known for its stability and reliability.

The bank's commitment to innovation continued throughout the 20th century. It introduced new banking technologies and services, such as automatic teller machines and online banking.

Today, the Banco is a leading financial institution in the region, with a strong reputation for excellence and customer service.

In Honduras, Mastercard is issued by Banco Intercontinental, S.A. The bank's Mastercard is identified by the BIN/IIN number 547568.

Banco Intercontinental, S.A. is a bank in Honduras that issues Mastercard credit cards.

Their Mastercard credit cards are a popular choice among locals and tourists alike.

Here are some key details about Banco Intercontinental, S.A.'s Mastercard:

The crisis and consequences of the Banco Intercontinental scandal are a stark reminder of the dangers of unchecked financial power and corruption. The bank's collapse in 2003 led to a 30% annual inflation and a large increase in poverty, with the government forced to devalue the peso and trigger a US$600 million loan package from the International Monetary Fund.

The bailout, which guaranteed all unbacked deposits, regardless of amount or location, resulted in a massive fiscal shortfall and a devaluation of the DOP by over 100%. The consequences of this decision were felt by the majority of poor Dominicans, who were forced to pay the cost of the bailout through inflation, currency devaluation, government austerity plans, and higher taxes.

The total cost of the bailout was a staggering RD$79,403 million, which was 35% higher than the bank's actual deficit. The breakdown of the costs is as follows:

The real situation of the Banco Intercontinental's patrimony is quite shocking. The bank's patrimony started to decline significantly in the mid-1990s, with a deficit of RD$54.23 million in 1995.

The bank's financial problems continued to worsen over the next few years, with a deficit of RD$341.76 million in 1996 and RD$590.39 million in 1997. By 1998, the deficit had grown to RD$1,824.32 million.

Here's a breakdown of the Banco Intercontinental's patrimony from 1986 to 2003:

The bank's financial situation continued to deteriorate until it collapsed in 2003.

The aftermath of the BANINTER crisis was marked by a power struggle over the group's media outlets, including the prominent newspaper Listín Diario, which was temporarily seized by the Mejía administration.

The crisis also led to a trial that exposed the extent of corruption in the Dominican Republic's financial sector. Rafael Acevedo, a TV commentator, had previously stated that there was "much complicity at every level of society: the government, the media, the church, the military" in the BANINTER scandal.

In 2005, Alvarez Renta was found liable by a federal jury in Miami for his role in the BANINTER scandal, and was ordered to pay $177 Million to the Dominican state.

Alvarez Renta still hasn't paid the sum, and the main executives of BANINTER, including Báez Figueroa and Vivian Lubrano, were also prosecuted for fraud and money laundering.

The trial against Báez Figueroa was postponed several times, including once due to a scandal involving debt writeoffs and sweetheart loans.