The Monetary Board authorized the Reidco Credit Corporation, S.A. to partially transfer its loan portfolio and deposits to Motor Credit, S.A.Banco de Ahorro y Crédito, according to its third resolution of May 26, 2022, communicated to the parties on July 21.
Likewise, the highest regulatory body of the financial system approved that Corporación de Crédito Reidco, SA voluntarily exit the financial market by decision of its Extraordinary General Assembly of Shareholders, with which the entity will enter into a process of voluntary liquidation.
The decision of the credit corporation -which has been operating since 1986- is not binding on any of the business branches of the business group to which it belongs, Reid & Compañía, SA, Autocamiones, SA and Agencias Generales, SA, which will continue to focus on their current commercial and service activities for 75 years.
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As of March 2022, the total assets of Corporación de Crédito Reidco, SA amounted to RD$650 million, of which the net loan portfolio represented RD$597.7 million, with a delinquency rate of just 1.16% with ample coverage for the overdue portfolio. which implies high levels of financial stability.
Likewise, the financial entity reflects a solvency of 17.57%, almost double the minimum level required by prudential regulations.
For its part, Motor Crédito, SA, Banco de Ahorro y Crédito, in the market since 1972, had total assets of RD$9,235.6 million as of March 2022, a solvency ratio of 18.23%, delinquency of 1.14% and portfolio coverage past due of 338%.
In offering the information, the Board of Directors of Corporación de Crédito Reidco, SA thanked the entity for its trust and valuable support. financial from employees, customers, suppliers, shareholders, related parties and monetary authorities.
