Novikombank, belonging to the Russian state corporation Rostec, announced this Thursday the opening of its first branch in Cuba.
This milestone makes Novikombank the first Russian bank to establish itself on the island, with the aim of guaranteeing the stability of payments between both countries, supporting economic-commercial relations and investments.
The official presentation of the Novikombank subsidiary in Cuba took place in a ceremony at the Meliá Cohiba hotel.
Ricardo Cabrisas, deputy prime minister of Cuba, said that there is no trade or investment that will advance if there is no effective participation of the banking system and evidence that the regime’s alliance is and will be with Russia.
The new branch, located in Havana, will focus on financially supporting Russian companies present in Cuba, covering sectors such as the construction of airplanes, engines and automobiles, oil extraction and the radio electronics industry.
Novikombank hopes that this opening will expand interaction with Cuban banks and clients, both existing and potential.
The president of the bank, Yelena Georgieva, highlighted that the opening of the branch in Cuba “is not only a new stage for the bank, but also an important step in Russian-Cuban relations.”
He highlighted Novikombank’s experience in financing high-tech companies, which will be crucial for operations in Cuba.
For years, Novikombank has ensured cooperation between Russian and Cuban companies in sectors such as tourism, transportation and energy. Together with three other Cuban entities, it formalizes payment operations in bilateral commercial transactions.
Last December, Russia had already activated access to Mir bank cards, its alternative to Visa and Mastercard, in Cuban payment terminals.
Previously, Cuba authorized the use of these cards in the country’s ATMs, strengthening political and commercial relations between both countries.
Since May 2023 it was reported that three russian banks They are interested in opening branches in Cuba. The financial entities have already submitted their request to the Central Bank of Cuba, according to the head of the Cuban-Russian Business Committee, Boris Titov.
