Banco Popular, Spanish financial institution, does not want to be left behind and believes it is now the right time to be in Cuba. Therefore, the European bank has requested the opening of a representative office in the island.
Thus, Popular joins the list of other Spanish banks with presence in Cuba such as BBVA, CaixaBank, Sabadell, and Bankia.
Spain´s enterprises have enthusiastically welcomed the re-establishment of relations between Cuba and the United States which were interrupted for 54 years. It is certainly a logical move. Right now, there are 252 Spaniard enterprises operating in Cuba, according to the Spanish Institute for Foreign Trade (ICEX).
Almost all Spain´s hotel chains are present in Cuba. 13 out of the 17 foreign operators working in Cuba are from Spain. Last July 30th, Cuba´s Minister of Foreign Trade and Investment Rodrigo Malmierca, encouraged Spain entrepreneurs to invest in the 246 projects the Cuban government has started all around the country, with a package of 8.710 million dollars.
Spanish banks are not distant of such momentum of Spain´s business in Cuba. But “it is the right time to be in Cuba”, explained an executive from a very popular financial institution.
Cubasi Translation Staff