Finance
List of Commercial banks in Cuba
Cuba’s banking sector has long been characterized by strict state control and dominance. After the Cuban Revolution in 1959, the government nationalized all banks in Cuba, establishing a centralized banking system. The Central Bank of Cuba (Banco Central de Cuba) functions as the primary monetary authority and is responsible for overseeing economic policy, issuing currency, and regulating financial institutions across the country. Banks in Cuba operate under this centralized structure, ensuring government oversight and control over financial activities.
Transformations and Challenges the Sector of Banks in Cuba:
Foreign banks have a limited presence as Banks in Cuba face stringent government regulations. Nonetheless, recent initiatives have sought to attract foreign investment and foster collaboration, particularly in banking and finance. Cuba has been gradually implementing economic reforms aimed at modernizing its banking sector and enhancing efficiency. These reforms include allowing limited private enterprise, encouraging foreign investment, and adopting market-oriented policies.
Despite these efforts, the sector continues to face challenges such as outdated infrastructure, restricted access to financing, and constraints from the U.S. embargo. The government remains committed to prioritizing the development and stability of the banking sector as part of its broader economic strategy. Cuba’s banking system comprises various state-owned institutions, including commercial banks in Cuba, savings banks, and specialized banks in Cuba, all operating under the Central Bank’s guidance and supervision.
Also Read More About: All Banks in the World
| Bank Name | Sector | Headquarters | Bank Revenue(CUP) | Bank Revenue(USD) | Contact Details |
| Banco de Crédito y Comercio (BANDEC) | Retail | Havana, Cuba | 4.5 billion | 0.187billion | +53 7 8620442 |
| Banco Popular de Ahorro (BPA) | Retail | Havana, Cuba | 94.6 million | 3.948million | +53 7 202 2545 |
| Banco Financiero Internacional (BFI) | Retail | Havana, Cuba | 57.2 million | 2.387million | +53 7 2042058 |
| Banco Internacional de Comercio S.A. (BICSA) | Retail | Havana, Cuba | 30 million | 1.251million | +53 7 2041570 |
| Banco Metropolitano S.A. | Retail | Havana, Cuba | 2.9 billion | 0.12billion | +53 7 8683535 |
Conclusion:
Cuba’s banking sector has long been under strict state control, with the government nationalizing all in Cuba after the 1959 revolution. The Central Bank of Cuba plays a central role in overseeing monetary policy and regulating financial institutions. The banking system comprises state-owned entities, each with distinct roles, although foreign involvement remains restricted due to government policies.
