Cuba Business

DTC News.- Cuban Banking System Expands Services

Posted March 04, 2003 by publisher in Cuba Business.

Havana.- Cuba’s International Bank of Commerce (BICSA) opened its fifth branch in the country, with an eye to expanding its services to domestic and foreign institutions.

The BICSA office, in the city of Santa Clara, will render its services to clients from the central provinces of Villa Clara, Cienfuegos and Sancti Spiritus.

BICSA, which is attached to Grupo Nueva Banca, has three other branches in the City of Havana and an office in the eastern province of Santiago de Cuba.

Executives from BICSA, founded in 1994, pointed out that the bank operates in hard currencies.

According to experts, BICSA is not a big bank, since it barely handles 550 million dollars, although last year’s revenues amounted to over 33 million dollars.

BICSA loans 250 million dollars a year to companies that need financial support, and granted dozens of millions in other financial modalities.

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