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Cuban and US Banks Sign Agreement |
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Monday, July 27, 2015
Havana.- Banks in the United States and Cuba reached an agreement to make financial transactions easier between companies from the two countries.
The agreement to open correspondent accounts involves Banco Internacional de Comercio de Cuba S.A. (BICSA) and the US bank Stonegate, based in Florida.
Stonegate Chairman Dave Seleski described the deal as the first important agreement since the reestablishment of diplomatic relations between Cuba and the United States.
The deal favors US firms doing business with Cuba, as their correspondent accounts allow operating through international borders and transferring money on behalf of their clients.
Stonegate, which has 21 branches in the state of Florida, was founded in 2005, while BICSA was created in 1993 and has more than 600 correspondent offices throughout the world.
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