14ymedio, Havana, May 1, 2024 — Two resolutions adopted by the Central Bank of Cuba (BCC) have become a symbol of the financial future towards which Havana seems to be moving. In a announcement published on Tuesday in the “Official Gazette,” the bank indicated that it has accepted a request by Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) to close its branch in Havana and is allowing the Russian bank Novikombank to open an office in the Cuban capital.
According to international agencies, BBVA is exploring a possible merger with Banco de Sabadell, another important Spanish financial institution. Sabadell itself has had an office in Cuba since 1995.
The Cuban nwebsite “Proyecto Inventorio” reported that BBVA asked to close its office shortly after the death of Eduardo Pellicer Ramírez, its sole employee in Havana. It claims, “The shuttered office, which officially had only one employee until 2023, oversaw BBVA’s interests in Cuba. These include actions on behalf of Aurea S.A. (49%), the leasing agency which collects the rent (in the millions) from GAESA’s Lonja de Commercio office building.” The rest of its business is with Havana’s Office of the Historian
According to international agencies, BBVA is exploring a possible merger with Banco de Sabadell
As for the agreement with Novikombank, it is not without political implications. Not only does it represent a step towards closer relations between Havana and Moscow, the bank is also under sanctions imposed by the United States after Vladimir Putin’s invasion of Ukraine.
Four members of its board have been placed on a sanctions list and the institution itself was disconnected from the Swift banking system by the European Union and the United Kingdom. The U.K. also froze its assets in Britain, claiming it would be benefitting fr