Baninter

Banco Intercontinental (Baninter) was the second largest privately held commercial bank in the Dominican Republic before collapsing in 2003 in a spectacular fraud tied to political corruption. The resulting deficit of US$2.2B was equal to 12% to 15% of the Dominican national Gross Domestic Product. The size of the bank collapse and the mishandling of it by the administration of President Hipolito Mejia contributed materially to the Dominican economy entering a prolonged steep decline.

Related Topics:
Dominican Republic - Gross Domestic Product - Hipolito Mejia

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Leading up to Baninter's collapse, Dominican baseball great Sammy Sosa pitched the bank in a series of print and broadcast advertisements, proclaiming "solido, como Baninter", or "solid, like Baninter".

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