Cuban Banking Study Group Celebrates 25 years
On December 6, 2017, the Cuban Banking Study Group (CBSG) celebrated its 25th anniversary with a reception and dinner at the Big Five Club in Miami, Florida. About 140 persons participated in the event. “We were delighted to see so many bankers and friends joining us for this event. It was better than we had envisioned,” said José R. Garrigó, CBSG Vice President.
During the event, CBSG President, Fernando Capablanca, presented awards to those Directors that have served continuously for 25 years. In addition, the deceased Directors were also mentioned. “It is important to remember those who preceded us and who dedicated many years to helping us get to where we are today. We owe it to them never to forget their memories and their contributions,” said Capablanca.
Following the dinner, Capablanca made a short presentation tracing the history of the Cuban banking and financial systems from their inception in 1832 to their current composition. He again emphasized that “Cuba had a robust financial system in the decade of the 1950s where Cuban-owned banks controlled over 80% of the assets and deposits. CBSG believes that an indigenous banking industry, ready to serve the needs of local communities and small businesses, working together with government-owned institutions, foreign banks and multinational agencies is critical to Cuba’s future economic development. CBSG strives to promote and engage in a consultative approach to ensure this transition is achieved.”
Both Capablanca and Garrigó have argued for years that private Cuban-owned banks must be encouraged, given special considerations and allowed to flourish in any future environment as a predicate for economic growth and diversity.
Director Steven Harper followed with a presentation summarizing the recent changes made by the Office of Foreign Assets Control (OFAC) under the Cuban Sanctions Program.
Initial Board of Directors – 1992
Standing, left to right: Enrique Llaca, Oscar Bustillo, Jorge Salazar-Carrillo, Gonzalo Valdés-Fauli, Carlos Fernández, Raúl Shelton, Jorge Arguelles, Sergio J. Masvidal.
Seated, left to right: José R. Garrigó, George R. Harper, Fernando Capablanca, Manuel Lasaga.
CUBA – PAST PRESENT AND FUTURE OF ITS BANKING AND FINANCIAL SYSTEM
(An addendum updating the information will be ready by the end of 2018)