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Ernst & Young

Florida's Stonegate Bank makes breakthrough in Cuba

MIAMI In the first major business deal since the United States and Cuba resumed diplomatic relations, Pompano Beach, Fla.-based Stonegate Bank said Wednesday that it is setting up a correspondent banking relationship with a Cuban financial institution. Stonegate, a commercial bank with 21 branches in Florida, signed an agreement Tuesday in Havana with Banco Internacional de Comercio. It's the first correspondent banking deal signed by a U.S. bank with Cuba since President Barack Obama and Cuban leader Raul Castro announced Dec. 17 that they planned to work toward normalization of relations and it came the day after both countries resumed diplomatic ties. BICSA, which was formed in...