PANAFIN S.A. is a nonbanking financial institution authorized to finance fuel, foodstuff and chemical import operations; to structure export prefinancing operations; provide factoring services and others related to its powers.
Banco Central de Cuba issued a Specific License to Sociedad Panamericana de Finanzas, S.A. to engage in financial activities in the Republic of Cuba for an indefinite time by means of Resolution No. 56, of 1998.
PANAFIN S.A. is authorized to by the Banco Central de Cuba to finance fuel, foodstuff and chemical import operations with proceeds from export prefinancing, manage financing in the national territory and abroad, promote and exercise, by itself, factoring and support to Cuban enterprises on that matter, offer interest rate coverage and exchange rate hedge, participate in debt refinancing operations, open bank accounts of any kind and hold bank deposits in banks based in Cuba or abroad following the procedures established to that effect, and to borrow funds to perform the authorized operations.