Stonegate Bank continues to face embargo-related obstacles while trying to operate in Cuba

Dec 04, 2015
SaulCimbler

US Stonegate Bank continues to face embargo-related obstacles while trying to operate in Cuba amid the ongoing normalization process between Washington and Havana, Stonegate CEO Dave Seleski. When asked about the current obstacles for Stonegate Bank – the first US financial institution to set up a correspondent banking relationship with a Cuban bank — to operate on the island, Seleski said, it is “the embargo.”

“It’s still in place. So it’s very limited what the financial institution can do,” Seleski explained on the sidelines of the Cuba Summit in Washington, DC. on Thursday, adding that he hopes the embargo will be lifted under the current US administration.

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