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Panamanian Bank Interested in Cuban Market |
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Monday, November 23, 2015
Havana.- Panamanian Multibank, third largest in the country, evaluates the options for installing a branch in Cuban territory.
Directors of the institution said that this interest is given by the investment opportunities on the island and the financial support needed in the near future by Cuban and foreign companies.
Multibank currently maintains correspondent relations with Cuban entities, as part of support to transact businesses based in Panama.
For this type of operation, the movements are made in balboas (local currency), which value is similar to the US dollar.
That firm commercial business is conducted without violating the constraints of the US Treasury, which sanctions the movement of its currency when linked to the Caribbean island.
The bank also has the International Investment Grade awarded by the JFitch Ratings, by the monitoring of their financial transactions customers.
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