• Submitted by: Juana
• Central America
• Business and Economy
• 11 / 19 / 2015

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Multibank, third Panamanian bank by the volume of its assets, may be installed in Cuba as part of the promotion to attract foreign investment by the island. 
We see great opportunities in this country which will develop quickly and "Multibank would love to be in this development", both to support Cuban financial institutions and entrepreneurs who wish to invest there, Isaac Btesh, the bank's chief executive said.
On the technical elements of these transactions, Btesh said they did not violate the ban so far by the United States, a nation whose laws prevent Cuba to use the dollar for receipts or payments, but in the case of Panama the movements are done in Balboas (local currency) having a peg to the dollar.
This situation can conduct business without violating US Treasury regulations, which sanctions the movement of its currency linked to the Caribbean island made by any bank, regardless of nationality.

source: www.cibercuba.com