Banco Multiple Ademi, S.A. (Dominican Republic)

Banco Multiple Ademi, S.A. is a financial institution located in Santo Domingo, Dominican Republic. It was established in 1997 by the Board of Directors and Senior Management of the Association for the Development of Microenterprises, Inc. (Ademi). Ademi had been operating a successful micro and small business credit program nationwide for 14 years prior to the establishment of the bank. Ademi, a private non-profit institution, was incorporated in 1983 under the decree No. 745 of February 11, 1983, by the Executive Power, in accordance with the law No. 520 of July 26, 1920, relating to organizations of social interest. It started its operations on April 1, 1983, in the marginalized neighborhoods of Santo Domingo, with the main objective of creating and strengthening precarious jobs through financial and managerial assistance to micro and small businesses in the urban area. Later, it expanded its program nationwide in response to initiatives from provincial groups and organizations. By December 31, 1997, Ademi had total assets of RD$523 million and a net worth of RD$249 million. The institution was known for maintaining a loan recovery rate of 99%. In March 1997, the Board of Directors of Ademi hired the services of Consultores Técnicos de Planificación to conduct a study on the present and future of Ademi. The study recommended the creation of a Development Bank. Banco de Desarrollo Ademi, S.A. was formally established on July 17, 1997, as a joint-stock company, under the laws of the Dominican Republic. The Monetary Board of the Central Bank of the Dominican Republic authorized the opening of Banco de Desarrollo Ademi, S.A. on September 11, 1997. The bank commenced operations on January 27, 1998, under the legal framework established by law No. 292 of June 30, 1996, which promotes economic development and with authorization to offer expanded services. In 2005, the institution received authorization from the monetary authority to transform into a Savings and Credit Bank, in accordance with the requirements of the Monetary and Financial Law of 2002. Over the years, Banco Ademi has held a strong position in its operating market. The extensive experience of its main shareholders in the microfinance market has allowed it to become the largest savings and credit bank in the country, particularly within the micro, small, and medium-sized enterprise financing segment. Since its inception, Banco Ademi has received support from international institutions such as the European Investment Bank (EIB), as well as the support of the Dominican private sector. Since May 2013, the bank has been authorized to offer all the products and services typical of multiple service banks in the Dominican Republic.