After several months of announcements, finally the first Russian bank, Novikombank, opened a bank branch in Havana, the island’s capital. But “ordinary” Cubans wonder, what good will it do for me? We tell you.
According to the EFE agency, Novikombank marked a milestone TODAY by becoming the first Russian bank to establish a branch in Cuban territory. This initiative, announced this Thursday by the Eurasian financial entity, has the main objective of providing financial support to Russian companies that operate in various sectors of the Cuban economy.
But it has more objectives and services, which can even reach Cubans. But it is obvious that the Russian financial entity will be focused on transactions, payments, credits and other requests from its citizens on the island, or from tourists who need to exchange rubles for Cuban pesos and vice versa.
“This step will contribute to achieving a strategic objective: guaranteeing the stability of payments between Russia and Cuba, and also banking support for economic-commercial relations and investments,” reads the statement from the Russian bank with its first branch in Cuba, disclosed by agencies.
But how will Cubans benefit?
Russian bank opens branch in Havana
The opening of this branch occurs in a context of strengthening bilateral relations between Cuba and Russia, especially in the economic field and as a “defense” of Russian businesses on the island, especially in the areas of aircraft construction, engines , automobiles, oil extraction and the radio electronics industry.
Expectations regarding the opening of the Cuban branch of Novikombank go beyond support for Russian companies present on the island.
According to the authorities of the Russian bank on the island, this initiative also seeks expand interaction and collaboration with the financial sector and Cuban clientele, both current and potential. The businesses that some MSMEs can establish on the island with Russian capital will have a lot to do with this.
Since December 2023, Mir bank cards, the Russian alternative payment system to Visa and Mastercard, have been operational in Cuban payment terminals. They can also be used at ATMs throughout the country.
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