Bankia of Spain considers its main financial institution in Cuba to be liquidated

Bankia, one of the Banks The most important companies in Spain announced the culmination of their activities in Cuba, after ending the liquidation Havana Financial Foundation (CFH) that was located on the island, EFE reported.

This company, set up by Bankia in 1998, when it named the bank Caja Madrid, is designed to support the entrepreneurs who do just that. You will invest In Cuba.

Caja Madrid in October of that year signed an agreement with the state-owned Banco Popular de Ahorro, forming a company with a capital of only 5 million dollars, or about 4.2 million euros at the current exchange rate, to advise Spanish companies. . This was the first mixed-capital financial institution established in Cuba.

Its aim was to support companies operating or wishing to establish their activity in Cuban territory, from providing advice on commercial or investment operations to financing, including lending, credit, and debit operations and For hunting From commercial papers, and foreign trade operations, as described before Web page Of the entity.

After establishing Bankia, Caja Madrid contributed its 60% stake in the group’s CFH, with symbolic activity, and other investments in various companies, such as City National Bank of Florida, Spanish Iberia, MAPFRE or Iberdrola.

Bankia has not yet been able to sell the Cuban company, whose license expired 20 years after it was granted, that is, in October 2018.

When that date arrived, Bankia decided it was time to start liquidating the company, a process that has now reached its climax, as detailed in the final accounts for 2020.

The announcement is not good news for foreign investors in Cuba, especially Spaniards, who have repeatedly complained about the Cuban government’s delay in making its dividend payments and meeting debts accumulated with various companies.