Novikombank: First Russian bank to open branch in Cuba

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 ensuring payment stability between both countries, supporting economic and trade relations, and investments.

The official presentation of the Novikombank branch in Cuba took place at a ceremony at the Meliá Cohiba hotel.

Ricardo Cabrisas, Vice Prime Minister of Cuba, said that there is no trade or investments that can progress if there is not an 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 aircraft construction, engines and automobiles, oil extraction, and the radioelectronic industry.

Novikombank expects that this opening will enhance interaction with Cuban banks and clients, both existing and potential.

The president of the bank, Yelena Georgieva, emphasized 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."

Novikombank's experience in financing high-tech companies was highlighted, 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. Alongside three other Cuban entities, it formalizes payment operations in bilateral commercial transactions.

Russia had already activated access to Mir bank cards, its alternative to Visa and Mastercard, in Cuba's payment terminals last December.

Previously, Cuba authorized the use of these cards at the country's ATMs, strengthening the political and commercial relations between the two countries.

Since May 2023, it was reported that three Russian banks are interested in opening branches in Cuba. The financial institutions have already submitted their request to the Central Bank of Cuba, according to the head of the Cuban-Russian Business Committee, Boris Titov.