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
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