Banco Nacional de Cuba (BNC)
Banco de Crédito y Comercio (BANDEC)
Banco Popular de Ahorro (BPA)
Banco Exterior de Cuba (BEC)
Financiero Internacional (BFI)
Banco Internacional de Comercio S.A.
Banco Metropolitano S.A.
Banco de Inversiones S.A.
Banco Industrial Venezuela - Cuba S.A.
Banco Nacional de Cuba (BNC) was created
by Law No. 13 of December 23, 1948, as the central state bank, with
organic autonomy, independent legal status and assets of its own.
On February 23, 1998, Decree-Law No. 181 is promulgated including
the structure, functions and activities assigned which pertain to
an international banking organization.
Among its functions are the following:
- To obtain and grant credits in national currency and in freely
- To issue bank guarantees of all kinds under previous evaluation
of the economic-financial management of the requesting entity.
- To issue, accept, discount, guarantee and negotiate bills of
exchange, promissory notes, cheques and other documents related
to trade, which may be negotiable, denominated in national or
- To fix interest rates to operations effected by the Bank under
the limits established by Banco Central de Cuba.
- To constitute official export credit insurance entities according
to the effective legislation with regard to insurance.
- To keep record and control, service and handle the foreign debt
that the Cuban Government and Banco Nacional de Cuba
have contracted with foreign creditors to the date on which Decree-Law
No. 172, of 1997, on Banco Central de Cuba went into effect.
It must be stood out that Decree-Law No. 181 establishes that all
contingent guarantees and obligations of Banco Nacional de Cuba
at the time of the promulgation of Decree-Law
No.172, of 1997, on Banco Central de Cuba and those that it
may issue and contract in the future are valid obligations binding
on Banco Nacional de Cuba, retaining their full legal effect, and
that segregation of the central banking functions will not affect,
in any way, their backing nor the powers which Banco Nacional de
Cuba holds for the fulfilment of its obligations under Decree-Law
Banco Nacional de Cuba has been developing an
active work in the negotiations and in the signing of agreements
attached to the debt rescheduling, obtaining new credits from foreign
banks and institutions, with better financial conditions.
Financings were granted in freely convertible currency to national
entities. Moreover, the activity in reopening the export credit
insurance capacities was significant. This has made possible the
increase of foreign financing and a greater access to the market.
Currently, Banco Nacional de Cuba counts on a network of over 186
workplaces. The flow of information generated by this network has
a high compartment level and allows simultaneous access of several
users. At present, work is carried out in establishing remote access
to the services offered as well as in bank interconnection projects.
Banco de Crédito y Comercio (BANDEC)
was created as a commercial bank under Agreement No.3215 of the
Executive Committee of the Council of Ministers of November 12,
1997. It holds a General License granted by Banco Central de Cuba
under Resolution No.1 of 1997, which empowers it to carry out universal
functions inherent to commercial banking in operations in the national
territory and abroad.
BANDEC distributes its services by means of a
network of over 200 branches, completely automated, located throughout
the whole country. A total of 197 is interconnected by means of
the Data Transmission Public network, through which a high percentage
of the bank operations is made. By the end of 2001, the bank was
counting on 42 automated teller machines placed in Havana City and
in some cities of other provinces of the country.
Another alternative in the distribution of the services, is the
bank-client remote interconnection system, known as Virtual-BANDEC,
a tool which allows clients to operate their accounts and contract
other services from their computers in the office or any other place,
without their physical presence at the bank.
BANDEC’s service portfolio presents, together
with other traditional services of Cuban banking, financing, accounting,
funds transfer and cash services. It also provides fund management,
trust and technical services for investments, giving costumers a
wide range of possibilities to satisfy their needs in the most effective
At the end of the 2001 fiscal year, profits before taxes, recorded
in the books were of 320,0 million pesos, while income was over
423,0 millions. These are the highest benchmarks since the bank
was set up.
By the end of 2001, the bank had more than 74,000 deposits in national
and foreign currencies from enterprises operated by more than 53,000
account holders. This figures ratify Banco de Crédito y Comercio
as leader in this Cuban market segment.
Natural persons, at the close of the 2001, were operating a total
of 345,000 accounts in national currency, convertible pesos and
foreign currency structured in demand deposits, savings accounts,
time deposits and term deposit certificates.
Banco de Crédito y Comercio maintains correspondent
agreements with 43 banks, a figure over the 39 correspondent banks
it kept relations with by the end of the 2000 and which enables
BANDEC and its customers to perform operations with better international
Banco Popular de Ahorro (BPA) is a
diversified Financial Institution according to its nature and for
the geographical location of its network and the businesses which
BPA consolidates its commercial management in
Individual and Corporate banking, following a policy oriented to:
- Consolidate the position in the segment of individuals supporting
itself in broadening the commercial capacity of its channels of
- Consolidate participation in the corporate segment.
- Promote the taking of deposits in foreign currency.
- Prepare and undertake the country’s new payment and collection
- Seek for joint solutions in the banking system to improve pension
payment services in Havana City, among others.
- Broad the Automated Teller Machine network, mainly in the capital.
- Increase cash operations through the Post of Sales.
During the 2001 fiscal year, BPA ratified itself
as leader in individual banking by granting significant financing
which has benefited the population in general and carrying on transcendent
social tasks; it concentrates 96,2 percent of the deposit held by
the population with more than 4,2 million accounts. That is to say,
approximately, 40,0 percent of the Cuban population is a customer
This stage showed an increase of 29,0 percent in the portfolio
of loans to natural individuals, keeping up a portfolio of 414,5
thousand loans to acquire goods and services and in cash, amounting
up to 659,1 millions pesos, with the granting of 107,7 thousand
new credits for this concept, representing an amount over 378 million
BPA counts on the necessary means to keep up an
active presence in the corporate market, thus offering a wide spectrum
of financial products and services, such as loans, lines of credit,
leasing, factoring, bill discount, etc.
The growth of the financing portfolio evidences consolidation of
this function, since it reached an increase of 595,2 million pesos
in relation to the 2000, with a final balance of 2 484,9 million
pesos at the end of the fiscal year. This is the highest level ever
reached by Banco Popular de Ahorro. Financing in
foreign currency for 56,7 million dollars were also granted, basically
to enterprises in the national economy.
Banco Popular de Ahorro finances activities of
the productive and service sectors as a result of carrying on business
jointly with the Netherlands Caribbean Bank and Corporación
Financiera Habana, in which it holds 25,0 percent and 40,0 percent
of the shares, respectively.
Banco Exterior de Cuba (BEC) is a
state-owned bank with organic autonomy, independent legal personality
and capital of its own. It has been made up of a personnel with
a vast experience in banking and finance matters which has enable
to a great extent the undertaking and performance of different types
of operations under the General License granted to it by Banco Central
Within banking practice, the aforesaid means that it is empowered
to perform functions inherent to universal banking or of multiple
services in the national territory, offshore banking centres, free
trade zones, industrial parks and abroad. The bank is authorised
to perform transactions in national and foreign currencies.
Banco Exterior de Cuba pays preferable attention
to foreign trade operations and, especially, to finance and technically
support non-traditional export development.
In its actual performance, the following transactions stand out:
- To open and handle different types of bank accounts to effect
payments and collections of its customers in Cuba and abroad.
- To collect and proceed on securities.
- To issue letters of credit, guarantees and avals.
- To take part in foreign trade financing, by means of credits
and bill discount.
- To invest in securities and acquire debts of Cuban enterprises
in the market on its own account.
- To broaden its correspondent agreements and handle accounts
in international banking according to its needs.
- To establish and keep up relations directly with Official Export
Credit Insurance entities, and it is expressly designed by Banco
Central de Cuba to process operations which count on Insurance
Cover and Financing at medium- and long-terms.
For the fulfilment of its functions, operations and business, Banco
Exterior de Cuba is governed by strict risk analysis regulations
and the principles established by Banco Central de Cuba on its Supervision
practice to Cuban financial entities.
Banco Exterior de Cuba counts on its own accounting
system and a completely automated job network as well as the SWIFT
communication system for its relations with the correspondents.
It annually publishes its Financial Statements duly certified by
external auditors, giving in that opportunity the fundamental details
of its activity for each period.
Banco Financiero Internacional, S.A. (BFI)
a bank entity, inscribed as a joint-stock company under Decree-Law
No. 84, of October 13, 1984. It started operations on November 5th
of that year by means of a License issued to it on October 17, 1984,
to engage in banking business and empowers it to carry on commercial
banking operations, mainly in freely convertible currency, including
- To take or grant deposits in cash on demand or for a term.
- To issue term deposit certificates.
- To receive and grant loans and other credit or financing methods.
- To handle transfer of funds to or from other countries.
- To buy and sell freely convertible currency, precious metals
- To receive deposits of securities denominated in foreign currency
in custody or in trust.
- Provide services of property administration, financial and feasibility
studies, and carry out intermediation operations.
- To issue bank documents, such as letters of Credit, Avals, Letters
of Guarantees and others similar.
- To establish correspondent agreements with national and foreign
The management and organizational structure is made up of a President,
an Executive Vice-president, six General Directors, and Adjunct
Director and 17 Directors. Its main governing body is the Executive
Board, assisted by the Credit, Purchase, and Cadres Committees,
and a collegiate participation in its Extended Board of Directors.
Banco Financiero Internacional, S.A., provides
automated services by means of 31 branches along the whole country,
interconnected to the central system in real time. It plans 6 new
branches, located in important areas of economic and tourist development
of the country.
As a result of the work carried out by the bank since its establishment,
it has notably increased its capital and reserves as well as its
credit and financing capacity and has established correspondent
relations with a broad bank network abroad.
At present its main objective is oriented to diversification and
development of its services, continue advancing in the activity
of credit to Cuban enterprises, and services linked to remote and
electronic banking, concentrating its efforts in banking with corporations
and foreign naturals, economic associations and joint ventures.
Banco Internacional de Comercio S.A.,
is a member of Grupo Nueva Banca S.A. and was created by Corporate
Charter No. 49, of October 29, 1993, drawn up by the Special Notary’s
Office of the Ministry of Justice of the Republic of Cuba, successively
modified by Deeds No.123/1996, 112/1998 and 1805/2001, drawn up
as well in the same notary.
On October 29, 1993, Banco Nacional de Cuba (the country’s central
bank then) issued it a License to engage in banking business in
the Republic of Cuba for an indefinite time. It started operation
on January 3rd, 1994.
On November 10, 1997, Banco Central de Cuba ratified the authorisation
to operate and granted it a Type A Special License.
Its main activity is "enterprises’ bank" carried through
its central services and five branches based in the country’s capital,
Santiago de Cuba and Villa Clara. It records all transactions in
real time providing its customers with card and remote banking services
while it is working on developing other methods of electronic banking.
Its institutional clients, national or foreign, receive a complete
accounting and documentary service, while national entities also
enjoy of significant volumes of credit facilities. Practically all
sectors of the economy benefit from all this, such as that of agriculture,
the food industry, the basic and light industries, transportation,
aviation, fishing, construction, domestic and foreign trade, the
iron and steel industry, sugar, informatics, communications and
others with not only economic importance but also social, such as
health, water supply, education, culture and sports.
Credit policy followed by the Bank is dictated in a collegiate
way by its Credit Committee on the basis of a strict analysis and
control in loan making.
The Bank counts on correspondents in the five continents, the majority
are first class banks, mainly Europeans and Americans.
Equity capital of shareholders (Grupo Nueva Banca with the biggest
share and Bancholding), near the USD95 millions with a balance ranging
from 550 to 600 millions, make sure the Bank has a strong solvency
Banco Metropolitano S.A. was set up
in June, 1996, as a joint stock company, inscribed in the Central
Register of Corporations (Book 138, Folio 100, Page 9952) and in
the First Trade Register of Havana (Book 1192, Folio 100, Page 16785),
and was granted a Licence by Banco Central de Cuba under Resolution
No. 21, of 1997.
The main services provided by the bank are the following:
- Current and savings accounts in national currency and in freely
- Certificates of deposits and fixed term deposit accounts in
freely convertible currency.
- Payment and sale of national and international traveller’s checks
and credit cards.
- Automated teller machine service, 24 hours a day, in three of
- Private codes for clients to handle their accounts from other
localities in the national territory or abroad without additional
- Direct payment of domestic invoices of clients from their accounts.
- Cash service on Saturdays from 8:30 A.M. to 3:30 P.M.
- Delivery of daily statements of accounts by fax or electronic
mail without additional cost.
- Letters of credit, bill discount and collection, renting of
safe deposit boxes and other operations related to its clients,
permissible under the law.
The main objective of the Bank is providing services to embassies
and foreign entities based in Cuba as well as to their officials,
employees and to the population in general.
The clients of Banco Metropolitano, S.A. may receive the services
required by them at the offices in 5th Avenue and 112, Playa; Línea
and M, Plaza; and San José and Monserrate, Old Havana.
It has a large network of correspondent banks in the national territory
and abroad and the tariffs for the services it offers compete with
those of other banks in the market.
Banco de Inversiones, S.A. was set
up by Corporate Charter No. 344, of February 14, 1996, issued by
the Special Notary’s Office of the Ministry of Justice of the Republic
Banco Central de Cuba ratified the License previously issued by
Banco Nacional de Cuba and granted Banco de Inversiones, S.A. a
Type A Special License by means of Resolution No. 23, of 1997.
Among its operations authorised are the following:
- To handle banking transactions of all kind, especially those
related to the financing and/or administration of investments.
- To attract funds and grant credits on its own account or as
trustee for Cuban or foreign, corporate or natural persons.
- To advise national or foreign, corporate or natural persons
on banking and stock exchange transactions and financing of investment
- To purchase and/or sell shares, bonds, mortgages and other securities.
- To act as agent of any corporate or natural person, national
or foreign, in matters related to its corporate purpose.
- To take, accept, and execute any legal representation, function
or power not forbidden by law that may be granted, trusted, conferred
or transferred to it. The Bank may act as representative, trustee
or receiver of shares, mortgages and other securities of any tenor.
- To take shares, bonds and other securities into custody with
the terms and conditions it may want to establish.
- To sign contracts with public or private companies in the national
territory or abroad, inclusively empowered to manage those companies,
if necessary, to meet its objectives.
The main specialised services it provides are the following:
- To participate in the creation of Joint Ventures and Economic
Associations, with advisory to the interested parties.
- To find financing for the expansion of the existing enterprises,
under previous evaluation of the projects.
- To advise on financial, banking and stock exchange issues.
- To merge and wind up companies.
- To evaluate and give financial support to business projects.
- To organise credit facilities for investment projects.
- To manage discount of commercial paper through SEDEC, by means
of its electronic commerce.
- To publish "Hoy en el Mercado" bulletin and organise
Seminars as part of advisory given to clients.
It holds accounts in freely convertible currency and in national
currency in different banks of the system as well as other accounts
in freely convertible currency in correspondent banks abroad. Since
its creation, Banco de Inversiones, S.A. has actively participated
in financing investment projects and joint ventures in the most
important sectors of the economy.
It is the only investment bank in the country with very specialised
services in this matter.
Banco Industrial de Venezuela-Cuba, S.A. (BIVC):
Banco Central de Cuba has authorized BIVC to operate as a banking institution in the national territory through resolution No. 47, 2005, by granting it a Special License empowering it to carry out foreign exchange operations of financial intermediation.
In accordance with such a license, BIVC is empowered to make a wide range of operations, including:
- To receive and grant loans or other modes of credit or funding, with or without guarantee.
- To render services of goods administration, as well as to make financial and feasibility studies and others.
- To make all the possible operations with bills of exchange, and other negotiable instruments, drafted or accepted by natural or legal persons.
- To issue and operate letters of guarantee and other documents connected with international trade.
- To finance import and export operations of goods and financial engineering services and business management, as well as to implement measures for the promotion and development of exports projects.
- To make remittance operations with the diplomatic personnel and citizens of the Bolivarian Republic of Venezuela resident in Cuba, in accordance with the legislation in force.
- To offer coverage of interest rates and exchange risk, as well as to finance investments and make financial leasing operations.
- To take part in debt rescheduling operations.
- The license granted, allows BIVC to operate the banking business in Cuba for 50 years, and requires to allot a yearly percentage of its net profits to create and increase a legal reserve covering the risks and possible future losses, reaching, as a minimum, an amount equal to its capital. Likewise, the bank is subject to inspection and supervision by Banco Central de Cuba.