Despite pot-holed roads and dilapidated buildings, Cuba’s economy grew by 7.5% in 2007, the third consecutive year of rapid expansion. High prices for nickel exports, promising oil finds in the Gulf of Mexico, brisk sales of premium cigars and an influx of tourists have resulted in a surprising economic success story.
Banco Internacional de Comercio (BIC), our Bank of the Year for Cuba for the second year running, has played a key role in helping drive Cuba’s growth. It stands out as a leader in the Cuban market through the steady and substantial growth in its business volume, as well as its determination to diversify its activities over the past 13 years.
BIC’s continued success is shown by the healthy profits of the past 18 months, a growing asset base – up by a staggering 81.7% in 2007 – and an increasingly healthy balance sheet, which grew again last year by 6.1%.
