Banco de Crédito y Comercio

Head Office

Amargura 158 esq. Cuba, Municipio Habana Vieja, La Habana

Telf: (537) 61-4533 (537) 63-5261

Fax: (537) 33-8968

Was created as a commercial bank under Agreement No. 3215 of the Executive Committee of the Council of Ministers, of November 12, 1997. It holds a general License granted by Banco Central de Cuba under Resolution No. 1, of 1997, which empowers it to carry out the functions inherent to commercial or multiple-service banking.

BANDEC counts with a national network of 214 branches which are completely automated. In addition, 109 of them are interconnected by a Public Data Transmission Network through which more than 80 % of its operations are performed.

On an experimental exploitation phase, it is being introduced the client-bank direct connection by computer which will enable to carry out operations directly from the enterprise, no longer requiring the physical presence of the client in the branches.

More than 30,000 juridical persons from all sectors are operating 55,500 accounts in national currency and in freely convertible currency. The portfolio of loans made to Cuban enterprises in national currency holds an average balance of over 4,500 million pesos with more than 70 % of all such credits placed within the sugar and agricultural sectors.

During 1998, loans were made in freely convertible currency, accounting for an equivalent of 37,9 million USD, with an average balance of more than 17 millions, being the direct producers the main beneficiaries from these loans.

In relation to personal banking, 273,000 holders handle savings accounts and demand and time deposit accounts. Of this total, 12,907 accounts are held in freely convertible currency. At the same time, 47,056 accountholders are operating with current accounts with 80% of these pertaining to small individual farmers.

Diversification in the line of products offered to company clients, have included administration of funds in trust, factoring and collection management, as well as development of new payment instruments.

Today, BANDEC is the principal issuer of the RED Debit Card, a service provided to the beneficiaries of the Social Security and to savers in freely convertible currency and it counts with 6 automatic tellers installed in Havana City, whose service will be facilitated to clients with international cards very soon. Through 1999, conditions will be created for the broadening of these technologies and services to the entrepreneurial sector. Furthermore, technical conditions are being prepared to start with the use of smart cards in the Tourist Pole of Santa Lucía in Camaguey Province.

Work at international relations is aimed at ensuring the necessary infrastructure to satisfy the operational foreign trade needs and to attract and convey all types of credits into the national economy.

It maintains relations with 14 correspondent banks in Europe, Latin America, Canada and Africa and is preparing the creation of a finance joint venture.