Bankia executives present information on accounts for the year 2020. (Photo: Bankia-Twitter)
The Spanish financial group Bankia completed its Cuba settlement with the liquidation of the Habana Finance Corporation, which Caja Madrid maintains in partnership with the Popular Bank of Ahorro (BPA), according to the agency EFE.
From 1998 onwards, the Cuban Bank’s presence in Cuba was limited to Spanish emperors seeking to invest in the Isla, at the moment of its BPA-based foundation, which will only operate with a mere 4 million euros.
What produces Cuba Banka?
Through the Constitution of Bankia, Caja Madrid contributes to the group its participation of 60% in the Habana Financial Corporation, with a symbolic activity, and other investments and distinct companies, such as the City National Bank of Florida, Iberia, Mapfre or Iberdrola.
Without embargo, the financial backlog in 2012 obliged Bankia to divest all its business participations, although no one could sell the company created in La Habana, which has an operating license expired in 2018, just 20 years from its creation.
Ahora Bankia culminates in the liquidation process over 2 years to start the settlement. All the accounts were included in Bankia’s balance sheets in 2020, a report that some days have made public.
Spanish inversions in Cuba
Following the most recent dates (2018) of the Spanish Institute of Exterior Trade (ICEX) the position of the Spanish inversion in Cuba increased to 418 million euros (increase of 16% in 2017).
In 2018, there are 13 Spanish titles and Cuba will represent the 55th place on the list of nations in the Inversora Position of Spain in the Exterior. For its part, the invasion of Cuba in Spain is significant: 53 million euros in stock in 2018 (6% less than in 2017). In 2018, Cuba is situated in the 67th century of foreign investors in Spain.
The stock of Spanish inversions in Cuba is concentrated in 4 large sectors, with a combined 94% of the total.
Spanish Cuba Inversion Sectors
- Tobacco industry: 45%
- Hotel Services: 25%
- Business: 18%
- Financial services (except insurance and pension funds): 6%
Spain launched in November 2015 a Debt Restructuring Agreement in short order for an import of 201 million euros, of which 110.8 million are condoned, estos, 40 million euros will pass to integrate a Deuda Contravalor Fund .
Posteriorment, in May 2016 in the brand of the Club de Paris, Spain restructured the contrary debt of Cuba ascending to 2,242 million euros. This amount amounted to 1,492 million and was added to constitute a second Contravalue Fund with an import of 375 million euros.