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Decree-Laws numbers 172 and 173, of May 28, 1997,issued by the State Council

The Central Bank of Cuba, created as a new controlling, regulating and supervising institution for the financial bodies and the representative offices based in Cuba, including the Trade-Free Zones and the Industrial Parks, has among its more important duties to control the national currency's stability, to contribute to the economic balance, to safeguard and manage the country's international reserves, as well as to guarantee the normal working order of payments, both internal and external. The banks and non-banking financial institutions, such as the Cuban Central Bank does, have autonomous character, independent legal personality and its own heritage, it covers its own expenses with income and they are not responsible for the State's obligations or those of its bodies, bureau, companies or other economic institutions.

As part of the reorganisation of the National Banking System and the changes introduced by the new legislation, adapted to international practice and structure, the Grupo Nueva Banca SA was created, it is the major shareholder of the following organisations:

Banco Internacional de Comercio, S.A.
Banco Metropolitano, S.A.
Banco de Inversiones, S.A.
Financiero Internacional, S.A.
Casas de Cambio, S.A. (CADECA)
Compañía Fiducidaria, S.A

Operating ont the island are also the Banco Exterior de España, the Banco Bilbao Vizcaya , the Banco Nacional de México and the Fransabank, ING Bank they all enjoy absolute autonomy in their financial activities.

As part of the reorganisation process of the National Banking System, the Banco Popular de Ahorro was granted a license to develop all kinds of profitable activities related to the banking system, both in national and national convertible currencies, with natural and legal persons, national, foreign or mixed capitals.

 

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