US Bank Signs Agreement with Cuba

Cuba´s Banco Internacional de Comercio S.A. and the US Stonegate, based in Florida, have signed an agreement of correspondent understanding

By: Juventud Rebelde

Email: digital@juventudrebelde.cu

2015-07-23 | 15:20:22 EST
Cuba and the United States have recently re-established diplomatic relations after they were broken off for almost 50 years, and as part of the announcement made by Presidents Raúl Castro and Barack Obama last December.Cuba and the United States have recently re-established diplomatic relations after they were broken off for almost 50 years, and as part of the announcement made by Presidents Raúl Castro and Barack Obama last December. Photo: InternetZoom
Havana, July 22.- Cuba’s Banco Internacional de Comercio S.A. (BICSA) and the US Florida-based Stonegate, have signed an agreement for a correspondent account, Cuban bank authorities confirmed this Wednesday, reported PL

It is a bank correspondent understanding, very common in the bank processing operations. The sources indicated that in this specific case, there are restrictions imposed by the blockade in force for over 50 years ago.

For his part, in a communiqué released this Wednesday, Stongate’s President Dave Seleski rated the action as the first major agreement since diplomatic relations between Cuba and the United States were re-established.

The American executive explained that the agreement with BICSA promotes transactions to US companies doing business in Cuba, since the correspondent account allow operations beyond international borders and moves the money on behalf of its clients.

Cuba and the United States have recently re-established diplomatic relations after they were broken off for almost 50 years, and as part of the announcement made by Presidents Raúl Castro and Barack Obama last December.

Stonegate has 21 branches in Florida and was founded in 2005. BICSA was created in 1993 and holds almost 600 correspondent agencies all over the world. 

Translated by ESTI  

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