Governor Kathy Hochul met with Dominican President Luis Abinader to announce that the Reservas Bank was approved to open a representative office in New York, its first office in the United States.
“New York would not be New York without our Dominican community,” said Governor Hochul. “Today and every day, I am grateful to the Dominican community for their work to make our state a better place and I will continue to work to ensure that New York remains a great place for Dominican-Americans to call home.”
Governor Hochul met with Luis Abinader, President of the Dominican Republic, as well as Congressman Adriano Espaillat and other Dominican officials. The leaders had a productive conversation, discussing the many opportunities for cultural and economic collaboration between New York State and the Dominican Republic.
He also announced $1.5 million in state funding for the Dominican Studies Institute at City College and signed new legislation allowing the Department of Motor Vehicles to enter into agreements with governments outside the United States to allow people to exchange their driver’s licenses.
Banreservas joins more than 120 foreign and wholesale banking institutions with assets of more than $2.7 billion that have been licensed by the department. The approval of this representative office, located in Upper Manhattan places Banreservas in the world’s financial epicenter and strengthens the deep economic ties between New York State and the Dominican Republic.