Banco Intercontinental
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| Private | |
| Industry | Banking |
| Founded | 1986 |
| Defunct | Yes |
| Headquarters | Santo Domingo, Dominican Republic |
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Key people
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Ramon Báez Figueroa |
Banco Intercontinental (or 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 more than US$2.2 billion was equal to 12% to 15% of the Dominican national gross domestic product.
Banco Intercontinental was created in 1986 by Ramón Báez Romano, a businessman and former Industry Minister. His oldest son, Ramón Báez Figueroa, took over the small bank and helped build it into the country's number two private commercial bank. BANINTER grew quickly into a typical family-run conglomerate, buying up companies or controlling interests in firms that touched on nearly every aspect of Dominican life.
In the process, Báez Figueroa amassed an empire of varied businesses. Through BANINTER Group, he managed to control the country's largest media group, including Listín Diario, the oldest and leading newspaper; four television stations, a cable television company, and more than 70 radio stations.
Báez Figueroa became a man of great influence and power. At his lavish wedding, former Presidents Joaquín Balaguer and Leonel Fernandez signed the marriage document as witnesses. In late 2000, Báez even proposed a "national economic program", which earned him much praise from President Mejía.
"Risk, and I'm talking about calculated risk, is proper of all business and of any human activity. "Whoever doesn't understand this can't triumph" Báez said in a 2001 interview in a Dominican business magazine Mercado.
His more than generous gifts to friends, business partners, journalists, commentators, models, beauty queens, military personnel, judges, and politicians over the years became legendary, as were his patronage for many events. former president Mejía got a bulletproof Lexus sports utility vehicle; so did his successor, Leonel Fernández. Colonel Pedro Julio Goico Guerrero (a.k.a. Pepe Goico), who served as Mejía's Head of Security and who guarded former U.S. president Bill Clinton on visits to the United States, got ten solid-gold President Rolex watches worth US $15,000 each and use of a credit card that the bank would pay off.
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Wikipedia