Anniversary of Cuban Bank nationalization celebrated
- Submitted by: admin
- Business and Economy
- 10 / 15 / 2006
Law 891, passed in 1960, led to the nationalization of five public-sector credit unions and forty-four private banks. The law outlined changes in the traditional structure of banking to better serve the plans of the newly triumphant revolution.
Today's anniversary, which corresponds to National Bank Workers Day, is also dedicated to the memory of the national banking system's first revolution-era president, Ernesto "Che" Guevara. Today, Cuban banks have a prominent role to play in the countrys development as the island's economy grows more robust everyday.