This July 17, 2018 will be a memorable date for the National Export Bank. It is the third anniversary of the bank's creation and the second anniversary of the current team leading the entity.
Our main task was to transform the old BNV into a specialized multiple bank, which like BANDEX is called to play a pioneering role this time as the first and only bank dedicated exclusively to the export sector.
This is a good opportunity to open our Global Economy blog to share a brief reflection on our performance during 2017, as it was a year of learning and accelerated progress for the entire team at the National Export Bank (BANDEX).
Firstly, it was a period of reaffirmation of the priority that BANDEX represents for the Dominican Government within the framework of promoting exports starting with END 2030. This commitment was reflected not only in the continuation of the Bank's capitalization process but also in the creation of the Interinstitutional Technical Commission that has accompanied the entity since July 2017.
Secondly, BANDEX already has the necessary tools to guide its actions with the Strategic Plan 2017-2022, the Business Plan and the Bank's Strategic Technology Plan. These define the new organizational philosophy as well as the new business model and the technological priorities to be covered to implement said model.
Likewise, last year BANDEX complied with legal reserve regulations for the first time in its history and formed most of its Corporate Governance committees.
At the end of this intense year 2017, we appreciate the support of the Dominican Government, the rest of our shareholders and our collaborators for their dedication to turning BANDEX into a key ally of the Dominican export sector.
Another important achievement was the official presentation of BANDEX led by the President of the Republic on July 27, 2017 and the publication of its new web portal that same day.
In addition, BANDEX fulfilled its passive obligations by paying more than RD$1,071 MM to its investors, including the redemption of mortgage notes in February and July for a total of RD$882.5 MM and had the trust of its investors to extend their maturity periods. Likewise, the Bank continued its process of asset consolidation and strengthening, accelerating the financial dismantling of the operations of the former BNV.
Finally, BANDEX was accepted into the Berne Union, the exclusive international network of export credit coverage entities. Likewise, we carry out experience exchange missions with our peers and other entities in Spain, France, Mexico and Colombia.
At the end of this intense year 2017, we once again thank the support of the Dominican Government, the rest of our shareholders and our collaborators for their dedication to turning BANDEX into a key ally of the Dominican export sector.
