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. |
