On Jan. 16, 2015, in response to Pres. Obama's announcement of the normalization of relations between the US and Cuba, the US Treasury Dept. announced new regulations allowing American financial institutions to open accounts with Cuban banks and permitting the use of credit and debit cards issued by US banks on the island. Subsequently, Cuba was removed from the US list of state sponsors of terrorism and Stonegate Bank of Pompano Beach agreed to bank the Cuban Interest Section (and future Embassy) in Washington DC. In July, Stonegate went one step further and established a correspondent account with Banco Internacional de Comercio in Cuba. Considering the heavy fines paid by some multinational financial institutions for violations of the Cuban embargo, and considering the "de-risking" process in correspondent, many are asking themselves what are the business opportunities in the Cuban market and how can one take advantage of this opportunity, within the legal framework. Will it be profitable? Can the nationalization of 1960 be repeated again? What is the composition of the Cuban banking and financial system? What do banks do in Cuba? What type of correspondent relationship can be expected? In 1994 the Cuban Banking Study Group, Inc. ("CBSG") published a study called, "Cuba - Past, Present and Future of its Banking and Financial System." It now hopes to continue contributing to the discussion onand banking relations between Cuba and the US. The CBSG, a non-profit association incorporated in Florida in 1992, is comprised primarily of professional bankers of Cuban descent with diverse backgrounds and experience. We share a common interest in Cuba’s future and overseeing an orderly development of its banking industry, led by privately-owned banks of Cuban capital and management. CBSG is not affiliated or sponsored by any political action group or party.