25-August-2015

The restored relationship between the U.S. and Cuba reached a new milestone on July 21, when Stonegate Bank of Pompano Beach, Florida became the first U.S. bank to establish direct-banking ties with the island nation. In an article published in Agri-Pulse, David Lyons, senior director for FaegreBD Consulting, said Stonegate's agreement with Banco Internacional de Comercio S.A., a government-owned institution, was "a start" that should pave the way for larger U.S. banks to establish similar relationships.

"Development of direct banking relationships will provide the foundation for more normal business transactions and payment terms for U.S. food and agricultural goods," Lyons said. Lyons added that strong ties between U.S. and Cuban banks will ultimately enable "U.S. agricultural and food commodities to compete for Cuban business on the same basis as goods from competitor nations like Canada, Brazil and the European Union."

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