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Banco de Crédito y Comercio (BANDEC)

Banco de Crédito y Comercio (BANDEC) was created as a commercial bank under Agreement No.3215 of the Executive Committee of the Council of Ministers of November 12, 1997. It holds a General License granted by Banco Central de Cuba under Resolution No.1 of 1997, which empowers it to carry out universal functions inherent to commercial banking in operations in the national territory and abroad.

BANDEC distributes its services by means of a network of over 200 branches, completely automated, located throughout the whole country. A total of 197 is interconnected by means of the Data Transmission Public network, through which a high percentage of the bank operations is made. By the end of 2001, the bank was counting on 42 automated teller machines placed in Havana City and in some cities of other provinces of the country.

Another alternative in the distribution of the services, is the bank-client remote interconnection system, known as Virtual-BANDEC, a tool which allows clients to operate their accounts and contract other services from their computers in the office or any other place, without their physical presence at the bank.

BANDEC�s service portfolio presents, together with other traditional services of Cuban banking, financing, accounting, funds transfer and cash services. It also provides fund management, trust and technical services for investments, giving costumers a wide range of possibilities to satisfy their needs in the most effective way.

At the end of the 2001 fiscal year, profits before taxes, recorded in the books were of 320,0 million pesos, while income was over 423,0 millions. These are the highest benchmarks since the bank was set up.

By the end of 2001, the bank had more than 74,000 deposits in national and foreign currencies from enterprises operated by more than 53,000 account holders. This figures ratify Banco de Crédito y Comercio as leader in this Cuban market segment.

Natural persons, at the close of the 2001, were operating a total of 345,000 accounts in national currency, convertible pesos and foreign currency structured in demand deposits, savings accounts, time deposits and term deposit certificates.

Banco de Cr�dito y Comercio maintains correspondent agreements with 43 banks, a figure over the 39 correspondent banks it kept relations with by the end of the 2000 and which enables BANDEC and its customers to perform operations with better international cover.