Banking

Cuba Expands Relations with the International Financial Sector

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Alto Cedro Finanzas Internacionales S.L., a Spanish corporation based in Madrid, has received approval from Cuban authorities to operate a 100% foreign capital subsidiary in Cuba. The subsidiary will be known in Cuba as “Corporacion Financiera Alto Cedro, S.A.” The approval was granted in May 2020 by the Executive Committee of Cuba’s Council of Ministers. Corporacion Financiera Alto Cedro will be allowed to carry out all activities contemplated for non-banking institutions in the country, except for microcredit services and financial products. It should be noted that this entity is by no means the only one of its kind operating in Cuba. Since the 1990s, Spanish financial institutions such as BBVA and Sabadell have been carrying out financial activities in Cuba. The representative offices of foreign…

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