First Russian bank opens branch in Cuba

Novikombank, part of Russia's state-owned conglomerate Rostec, has become the first Russian bank to open a branch in Havana, Cuba.

Russia's MIR card - a card similar to Visa and Mastercard - is activated for use in Cuba. Photo: Cubadebate

The bank’s statement on June 20 stressed that this step contributes to ensuring the strategic goal of maintaining stability in payments between Russia and Cuba, while providing banking support for economic, trade and investment relations. Novikombank believes that opening an office in Havana will expand interaction with Cuban banks and customers.

Novikombank is a member of the Russian-Cuba Intergovernmental Commission and is one of the 20 largest banks in Russia.

According to Cuba Headlines, this move is part of an economic project agreed upon by the two governments. Novikombank's branch in Cuba will focus on financing the activities of Russian companies present in the Caribbean island nation in areas such as aircraft manufacturing, engine and automobile manufacturing, oil exploration or radio electronics industry.

Chairwoman of the Board of Directors of Novikombank, Elena Georgieva, said that the opening of the branch in Cuba is not only a new stage for the bank, but also an important step in Russian-Cuban relations. According to Elena Georgieva, Novikombank has extensive experience in financing high-tech companies and supporting cooperation between Russian and Cuban companies in the tourism, transport and energy sectors. Novikombank has established payment operations in bilateral trade with three Cuban entities.

KHANH HUNG

Source: https://www.sggp.org.vn/ngan-hang-nga-dau-tien-mo-chi-nhanh-tai-cuba-post745605.html