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Cuban bank to operate in
Venezuela
El
Universal, Venezuela,
August 23, 2005.
The Venezuelan Superintendence of Banks
and other Financial Institutions (Sudeban)
has authorized the Export and Trade Bank
-a branch of the Cuban Foreign Bank- to
start operations in Venezuela.
Under a resolution published in the Official
Gazette on Monday, the Cuban institution
is to operate as a commercial bank and,
therefore, its equity amounts to USD 7.4
million, as provided for under the Bank
Law, article 88.
The Cuban bank is expected to start operations
in Venezuela as of October, and it will
be intended for Venezuelan and Cuban businesspeople
willing to conduct trade operations.
Trino Alcides Díaz, head of the
Superintendence of Banks, claimed the Cuban
institution will not receive public deposits,
but it will focus on granting funds for
exports from Cuba.
"It will operate like the (Venezuelan
state) Banco Industrial branch office in
Cuba," Díaz added.
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