Matthew J. Feeley Weighs in on US Banks’ Interest in Cuba Market with Bloomberg BNA

Bloomberg BNA recently reported on the first bank to sign an agreement in Cuba. The agreement established a correspondent account in Cuba and is designed to facilitate payments and transactions with the U.S.

With U.S.-Cuba relations beginning to soften, many wonder what this could mean for the market for doing business in Cuba.

"A lot of people are taking the perspective that, look, if the embargo is lifted everyone from the U.S. is going to be running over there pouring in money," Buchanan Ingersoll & Rooney’s Matthew J. Feeley told the publication. "And I don't think that's going to be the case."

He noted that other countries that are not restricted to do business with Cuba still haven’t made large investments in the country.

"The Cuban government doesn't necessarily want foreign money, because they give up a little control every time someone comes in and opens a business," Feeley said. 

Read the full article: "Cuba Thaw Gives U.S. Banks Hope for Entry" (Bloomberg BNA, July 27, 2015) Subscription required.