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Russia opens first bank representation in Cuba

Havana, Jun 20 (Prensa Latina) The Russian bank Novikom opened a representation office in Cuba on Thursday and became the first banking institution from that country to establish a branch on the Caribbean island.

According to a press release quoted by Sputnik, Novikom’s main direction of activity in Cuba will be providing financial support for the promotion of national industrial enterprises in the country.

The opening of Novikom’s branch in the Republic of Cuba is not only a new stage for the bank, but also an important step in Russian-Cuban relations,’ stressed Elena Georgieva, chairwoman of the bank’s board of directors.

She assured that the experience in Cash in bank services for high-tech companies of Novikom – a subsidiary of the state corporation Rostec – will be useful to fund promising Russian projects and securing transactions between the two countries.

Novikom is a member bank of the Russian-Cuban Intergovernmental Commission and will facilitate the two nations’ business interactions in such sectors as tourism, transport, aviation, energy and more.

Together with Cuba’s three main financial institutions, Novikom carries out commercial payment transfers, banknotes, currency and document operations in trade between Russia and Cuba.

The statement added that this step will contribute to ensuring stable transactions, as well as providing banking support for trade, economic and investment links.

This is based on the long-standing relationship between Moscow and Havana, their development potential, and the considerable increase in governmental cooperation.

Cuba, he continued, is an attractive destination for Russian tourists, and since December 2023 the Mir payment system has been fully operational on the island.

At the 21st session of the Russian-Cuban Intergovernmental Commission for economic-commercial and scientific-technical cooperation, held in March 2024, Cuban Deputy Prime Minister Ricardo Cabrisas reiterated Havana’s interest in opening branches of Russian banks on its territory.

Novikom, founded in 1993, is among the 20 largest banks in Russia, with high credit and reliability ratings with a stable outlook and offers a full range of banking services in all segments of the financial market.

The priority direction of its activities is the financing of domestic industrial enterprises in high-tech sectors, as well as being a professional participant in the securities market and a member of the deposit insurance system, he concludes.

The opening of the Russian bank branch in Cuba joins other initiatives in this field. On Wednesday, the two nations reviewed the mechanism of financial support in the industrial sphere, recently approved by the members of the Eurasian Economic Union (EAEU).