Dominican Republic-based Banco Múltiple Activo Dominicana has acquired the assets of Banco de Ahorro Y Credito Inmobiliario SA, known as Banco Banaci, as part of its expansion strategy, elDinero reported, citing the bank's executives.

With the deal, Banco Activo's assets now total nearly 2 billion Dominican pesos (US$40.1 million). The transaction was approved by banking superintendent SIB.

The value and terms of the deal were not disclosed.

Banco Activo began operations in June 2016. In 2017, the bank saw a 79% growth in its assets as well as a 273% increase in its loan portfolio.

As of Oct. 9, US$1 was equivalent to 49.91 Dominican pesos.