Rostec’s Subsidiary Bank was the First to Open Its Representative Office in Cuba

Cuba

Rostec’s Subsidiary Bank was the First to Open Its Representative Office in Cuba

NOVIKOM, Rostec’s subsidiary bank, was the first Russian bank that opened its representative office in the Republic of Cuba. This will facilitate the achievement of the strategic goal – stable settlements between Russia and Cuba, and also the banking support of bilateral trade, economic and investment contacts. 

Russia and Cuba have long-standing relations with a strong potential for development. Governments of the both countries are ramping up the volumes of cooperation in every possible way. The Republic of Cuba is an attractive travel destination for Russian tourists. The Mir payment system was fully implemented in Cuba in December 2023. The government of the island country is interested in opening Russian branch banks in the country. This was declared in March 2024 by Ricardo Cabrisas, the Minister of Foreign Trade and Foreign Investment of Cuba.

NOVIKOM’s extensive activities in the region during the recent eight years have been a prerequisite to opening its representative office. The bank supports the cooperation between Russian and Cuban companies in travel, transport, aerial navigation, fuel and power and many other areas. NOVIKOM, together with three major Cuban banks, provides transfer of commercial payments, banknote, currency and documentary transactions for trade between Russia and Cuba. The bank is the member of the Russia-Cuba Intergovernmental Commission.