Spanish bank's joint venture in Cuba
by
Marc M Harris
The Spanish savings bank, Caja Madrid, formally inaugurated its joint venture with the Cuban savings bank, Banco Popular de Ahorro on October 9th in Havana. The joint venture is financial in nature and is the first of its kind to be based on the island. The new company, called Corporación Financiera Habana (CFH), is 60% owned by Caja Madrid and 40% by Banco Popular de Ahorro. It will offer a wide range of financial services and has an initial line of credit of $10m, and expects to serve both Spanish and Cuban companies that conduct business on the island. A spokesperson who was in Havana for the inauguration of the new joint venture said that the company initially plans on servicing the over 300 Spanish companies involved in joint ventures on the island nation as well as small and medium sized Cuban firms.
About the Author
Marc M. Harris is the President of
The Harris Organisation, a financial planning and investment management firm
with a staff of 150 people in Panama. One of their affiliate companies is Havana Holdings Investment Trust.
Copyright © 1997 by Marc M. Harris
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