BANDEC: 27 years promoting economic development in Matanzas.

Bank of Credit and Commerce, known by its acronym BANDEC, has been present in the Cuban financial panorama since its foundation on November 12th, 1997.

Bank of Credit and Commerce, known by its acronym BANDEC, has been present in the Cuban financial panorama since its foundation on November 12th, 1997.

It was born at a time of significant transformation of the banking system in our country, being formalized through Agreement No. 3215 of the Council of Ministers and obtaining a license from the Central Bank of Cuba that allowed it to carry out diverse operations from its beginnings.

Inheriting almost 200 branches of the former Banco Nacional de Cuba, its foundation laid a solid foundation for what today is a key institution in the national economy.

Throughout its years of existence, BANDEC has demonstrated a remarkable ability to adapt to the changing needs of the Cuban market. Its initial focus on vital sectors such as agriculture and agribusiness allowed it to consolidate rapidly.

However, from its first years of operation, the bank was a leader in the introduction and implementation of innovative technology, including ATMs and online banking systems, thus facilitating interaction with its clients and modernizing access to financial services.

By 2001, BANDEC had surpassed 320 million pesos in pre-tax profits and expanded its service offerings, solidifying its image as a benchmark bank. Today, it has more than 200 automated branches and a robust system of digital services, making it a leader in serving both businesses and individuals.

Its mission includes not only the provision of financial advice, but also the promotion of economic development through loans targeted to strategic sectors.

Bank of Credit and Commerce is celebrating this anniversary by consolidating savings banking products and promoting the development of Agricultural Development Banking and Green Banking. Photo: Courtesy of BANDEC Matanzas.

BANDEC in Matanzas

With 16 branches in the province, BANDEC has adapted to the new economic measures that, among other options, allow the opening of accounts in freely convertible currency, prioritize e-commerce and improve banking services. This responds to the need to strengthen the local economy in the context of the economic blockade and the current complex difficulties.

A highlight of BANDEC in Matanzas is its leading role in the bancarization process. Photo Courtesy of BANDEC Matanzas.

In Matanzas, BANDEC offers a wide range of financial services, including checking and savings accounts, as well as financing for investments. The implementation of technologies such as the Virtual-BANDEC system also allows clients to manage their accounts remotely, increasing the efficiency of the service.

Another highlight of this institution is its leading role in the bankarization process. In exclusive statements to our editorial office, Ailín Lozano Lozano, manager of Communication and Marketing of Bandec provincial, highlighted that as part of this important objective of the country, more than 572 thousand 300 magnetic cards and more than 227 thousand 800 Multibanca cards have been delivered so far.

The official explained that from January of this year alone, up to the end of October, BANDEC had managed to provide banking cards to more than 58,800 Matanzas citizens. In addition to delivering more than 42 thousand 300 Multibanca in the same period.

In addition, authorities of the institution, such as the director Yanetsy Chávez Camaraza, recognize the importance of environmental sustainability and the role of the bank in this program. Through initiatives such as Green Banking, which finance eco-efficient projects, they not only support economic development, but also promote responsible practices in the use of resources, aligning themselves with national policies to improve the quality of life in Matanzas.

A highlight of BANDEC in Matanzas is its leading role in the bankarization process. Photo Courtesy of BANDEC Matanzas

As part of the anniversary celebrations, the communicator Ailín Lozano said that throughout the year they have developed a series of activities that show the progress of the institution. In addition, they have already organized a Great Commercial Fair, this Friday, November 15, in the outskirts of all the Bandec branches in the province. They are also organizing a cultural gala to pay tribute to the workers who have been working in the sector for five years or more.

BANDEC has adapted to the new economic measures which, among other options, allow the opening of accounts in freely convertible currency, prioritize e-commerce and improve banking services. Photo Courtesy of BANDEC Matanzas

Words from the institution

To learn more about the 27th anniversary of Banco de Crédito y Comercio and the challenges of this financial institution, we talked toYanetsy Chávez Camaraza, provincial director of BANDEC.

How is Bandec Matanzas reaching this new anniversary?

…ONLINE AUDIO

-How has BANDEC’s relationship with the Matanzas business system been?

…ONLINE AUDIO

-How does BANDEC fit into the strategies to confront climate change? We know that you have implemented GREEN BANKING, tell us a little bit about it…

…ONLINE AUDIO

-What would be BANDEC’s main work objectives in this new stage?

…ONLINE AUDIO

Written by Gabriel Torres.