APRIL 21, 2015
Will U.S. Banks Embrace Cuba Anytime Soon?
U.S. President Barack Obama notified Congress last
week that he intends to remove Cuba from the government's list of state
sponsors of terrorism, which will occur after 45 days unless Congress blocks
the move. The designation carries sanctions that include bans on U.S. foreign
assistance and restrictions on some exports and financial transactions. What
would Cuba's removal from the list mean for companies looking at doing business
there? Assuming Congress does not block Cuba's removal, will U.S. banks and
financial institutions then be interested in doing business in Cuba?
Georges Hatcherian, analyst in the Financial Institutions Group at Moody's Investors Service: "The removal of Cuba from the U.S. government list of state sponsors of terrorism would not add much for the financial industry to the impact of the initiatives that have already been taken earlier this year, as long as the sanctions on the island remain. In January, U.S. banks were allowed to interact directly with Cuban financial institutions. U.S. banks can open..." MORE
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