Green light for Alto Cedro Banco Corporativo S.A.

Havana, Jul 18.- The President of the Central Bank of Cuba issued a Resolution authorizing the conversion of the non-bank financial institution Corporación Financiera Alto Cedro S.A. into a corporate bank called Alto Cedro, Banco Corporativo SA, with headquarters in Havana. It has been published in the Official Gazette of the Republic .

The Spanish trading company Alto Cedro Finanzas Internacionales, SL, had been authorized in 2020 to establish in the national territory a non-banking financial institution that is a Cuban subsidiary of this company, in the form of a totally foreign capital company, called Corporación Financiera Alto Cedro SA

After this institutional conversion, a License is granted in favor of Alto Cedro, Banco Corporativo SA to carry out the following financial intermediation operations and related services in the national territory with legal persons:

a) Open accounts and maintain deposits in national currency and foreign currency, linked to the financing granted, or other activities associated with these expressly authorized by the Central Bank of Cuba;

b) receive and grant loans or other types of credit or financing, except to new economic actors in the non-state sector, except for those previously authorized by the Central Bank of Cuba;

c) Provide payment services associated with the financing granted;

d) Manage various types of risks, process information and monitor debtors;

e) finance, using the different existing financing modalities, export and import operations of goods or services and investments;

f) Issuing securities, payment orders, money orders, and making collections, payments, and funds transfers;

g) Carry out discount operations on bills of exchange, promissory notes and other commercial documents;

h) Acquire, assign or transfer commercial paper, securities and other instruments representing obligations;

i) accept, issue, notify, negotiate, reimburse and confirm irrevocable documentary credits, letters of guarantee and other documents related to international trade;

j) Assume pecuniary obligations, grant endorsements, bonds or guarantees to ensure compliance with its clients' obligations;

k) Receive deposits of securities in custody or under administration, prior authorization from the Central Bank of Cuba;

l) Serve as financial agent;

m) Provide advisory services on investment projects;

n) Grant technical assistance for studies of economic and administrative feasibility and business organization and administration;

ñ) promote and exercise financial engineering and business management services and implement measures for the promotion and development of export and investment projects, and offer consulting services in economic and financial matters;

o) Contract and offer coverage of interest rates, exchange risk and others that mitigate risks;

p) Carry out financial leasing operations, trusts, fund and portfolio management and others recognized by international banking practice;

q) Provide credit and financial information;

r) Establish correspondent relationships with the corresponding account openings and in accordance with international standards with foreign financial institutions or the Banking and Financial System;

s) Act as insurance agent; and

t) Any other operation and services of corporate banking previously authorized by the Central Bank of Cuba.

(Cubadebate. With information from the Official Gazette) (Photo: Internet)