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Banco Exterior de Cuba (BEC)

Banco Exterior de Cuba (BEC) is a state-owned bank with organic autonomy, independent legal personality and capital of its own. It has been made up of a personnel with a vast experience in banking and finance matters which has enable to a great extent the undertaking and performance of different types of operations under the General License granted to it by Banco Central de Cuba.

Within banking practice, the aforesaid means that it is empowered to perform functions inherent to universal banking or of multiple services in the national territory, offshore banking centres, free trade zones, industrial parks and abroad. The bank is authorised to perform transactions in national and foreign currencies.

Banco Exterior de Cuba pays preferable attention to foreign trade operations and, especially, to finance and technically support non-traditional export development.

In its actual performance, the following transactions stand out:

  • To open and handle different types of bank accounts to effect payments and collections of its customers in Cuba and abroad.
  • To collect and proceed on securities.
  • To issue letters of credit, guarantees and avals.
  • To take part in foreign trade financing, by means of credits and bill discount.
  • To invest in securities and acquire debts of Cuban enterprises in the market on its own account.
  • To broaden its correspondent agreements and handle accounts in international banking according to its needs.
  • To establish and keep up relations directly with Official Export Credit Insurance entities, and it is expressly designed by Banco Central de Cuba to process operations which count on Insurance Cover and Financing at medium- and long-terms.

For the fulfilment of its functions, operations and business, Banco Exterior de Cuba is governed by strict risk analysis regulations and the principles established by Banco Central de Cuba on its Supervision practice to Cuban financial entities.

Banco Exterior de Cuba counts on its own accounting system and a completely automated job network as well as the SWIFT communication system for its relations with the correspondents. It annually publishes its Financial Statements duly certified by external auditors, giving in that opportunity the fundamental details of its activity for each period.