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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


ABOUT THE LATIN AMERICA ADVISOR

The Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars and government officials invested in Latin America's development and future.

The Advisor's highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world.

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The Advisor also publishes sector-specific editions for energy and financial services investors in the region.


Staff Contact: Erik Brand at 952.892.0177 or ebrand@thedialogue.org.


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SECTORAL PUBLICATIONS


The Advisor also publishes sector-specific titles in energy and financial services trends affecting the region.

 

 


Diego Arria
Director,
Columbus Group

Genaro Arriagada
Nonresident Senior Fellow,
Inter-American
Dialogue

Joyce Chang
Global Head of
Emerging Markets Research, JP Morgan Chase

W. Bowman Cutter
Former Partner,
E.M. Warburg Pincus

Dirk Donath
Senior Partner,
Catterton Aimara

Marlene Fernández
Corporate Vice
President for
Gov't Relations,
Arcos Dorados

Peter Hakim
President Emeritus,
Inter-American
Dialogue

Donna Hrinak
President,
Boeing Latin America

Jon Huenemann
Vice President,
US & Int'l Affairs,
Philip Morris

James R. Jones
Co-Chair,
Manatt Jones
Global Strategies

Craig A. Kelly
Director, Americas
Int'l Gov't Relations,
Exxon Mobil

John Maisto
Director,
US Education Finance Group

Nicolás Mariscal
Chairman,
Grupo Marhnos

Thomas F. McLarty III
President,
McLarty Associates

Carlos Paz-Soldan
Partner,
DTB Associates

Beatrice Rangel
Director,
AMLA Consulting

José Antonio Ríos
Chief Executive Officer, Vadium Technology, Inc.

Gustavo Roosen
Chairman of
the Board,
Envases Venezolanos

Andrés Rozental
President,
Rozental & Asociados 

Roberto Sifon-Arevalo
Managing Director,
Americas Sovereign & Public Finance Ratings, Standard & Poor's

Shelly Shetty
Head, Latin America Sovereign Ratings
Fitch, Inc.

 

 

Erik Brand
Publisher and Director,
Corporate Program
TEL: 952.892.0177952.892.0177
EMAIL: ebrand@thedialogue.org

Gene Kuleta
Editor
TEL: 202.463.2920202.463.2920
EMAIL: gkuleta@thedialogue.org

Megan Cook
Reporter and Assistant Editor
TEL: 202.463.2562202.463.2562
EMAIL: mcook@thedialogue.org