Cuban Banking
Study Group
Dedicated to the study of the Cuban banking and financial system and the promotion of an orderly development of market-driven banking where Cuban-owned institutions play a prominent role.
A Legacy of
Banking Excellence
The Cuban Banking Study Group, Inc. (CBSG) is a non-profit association established in Florida in December 1992. We are comprised primarily of professional bankers, economists and public accountants, of Cuban origin with diverse backgrounds and expertise.
CBSG believes that a solvent and economically rational banking system is a fundamental condition in the development of an effective market-driven economy. The classic intermediation role of financial institutions is essential to the flow of funds into economically viable enterprises, appropriately and reasonably priced for risk and within a proper regulatory and supervisory framework.
Cuba had a robust financial system in the decade of the 1950s where Cuban-owned banks controlled most assets and deposits and were the catalysts for the economic and industrial growth of the country. CBSG believes that a Cuban-owned banking industry, ready to serve the needs of local communities and small businesses, complemented by government-owned institutions, multinational agencies and foreign banks is critical to Cuba's economic development.
The Cuban Banking Study Group Inc. is not affiliated or sponsored by any political action group or party.
Three Decades of Dedication
Building the Future of Cuban Banking
Promoting the development of a modern, market-driven banking system for a future free Cuba.
Study & Research
Dedicated to the comprehensive study of the Cuban banking and financial system, past and present, to inform future development.
Market-Driven Economy
Promoting an orderly development of a Cuban banking industry in a market-driven economy where Cuban-owned institutions play a prominent role.
Community Banking
Advocating for Cuban-owned banks ready to serve local communities and small businesses, complemented by foreign banks and multinational agencies.
Honoring Excellence in Banking
Recognizing outstanding banking professionals of Cuban heritage for their significant and enduring contributions to the industry.
The Cuban Bankers "Hall of Fame" showcases amazing industry professionals who are unmatched in their passion, skills, achievements, and contributions. The CBSG is collaborating with Casa Cuba at FIU for permanent exhibit space to commemorate the achievements of our inductees.
The inaugural class honored pioneers and legends of Cuban banking, many posthumously, whose contributions shaped the financial landscape.
Simon Enrique Amich
1947 – 2022Born in Guines, Cuba. Arrived in the U.S. as part of Operation Peter Pan. Served as Senior Vice President of the First National Bank of Chicago. Worked internationally in Jamaica and Mexico City. Elected President of FIBA in 2006.
Carlos Arboleya
1929 – 2020A pioneer in Cuban-American banking, Carlos began at Boulevard National Bank as an Operations Officer. He was one of the first bankers in Miami to facilitate "character loans" to the Cuban-American community. He concluded his career as Vice Chairman of Barnett Bank of South Florida.
Agustin Batista
1899 – 1968Controlled and led The Trust Company of Cuba, the largest privately owned bank in Latin America by 1958, ranked 232nd largest bank in the world by American Banker Magazine.
Bernardo Benes
1935 – 2019Started as a janitor at Washington Federal Savings and rose to senior officer. Co-founder of Continental National Bank of Miami in 1974. A respected banker, social and political activist.
Luis Botifoll
1908 – 2003Excelled as an athlete, newspaper editor, lawyer, economist, bank chairman and civic leader. As Chairman of Republic National Bank, he pioneered "character" loans to Cuban-Americans launching new ventures in exile.
Justo Carrillo Hernandez
1912 – 1991President of BANFAIC (Cuba's development bank) and Vice President of Banco Nacional de Cuba (central bank). Later served at CEPAL and the Inter-American Development Bank.
Narciso Gelats y Durall
1846 – 1929Founded N. Gelats y Compania (Banco Gelats) on November 22, 1876. Under his leadership it became one of Cuba's most prominent commercial banks, opening a branch at 50 Wall Street in 1908.
Carlos Nunez Perez
1885 – 1979A towering figure in pre-revolution Cuban banking. Banco Nunez was classified in the top 500 banks of the world alongside The Trust Company of Cuba.
Felipe Pazos Roque
1912 – 2001Distinguished economist and banker who played a pivotal role in shaping Cuba's financial policies. His expertise in monetary economics earned international recognition.
Jacinto Pedroso Hernandez
1883 – 1955A founding figure of Cuban-owned private banking, his legacy continues through the Pedroso banking family's ongoing contributions to the financial industry.
Clemente Vazquez-Bello
1950 – 2013A highly regarded attorney in banking and international law, particularly anti-money laundering compliance. Instrumental in creating FIBA's AML conference, the premier AML conference in the country. Served as general counsel to FIBA and member of the Treasury's BSAAG.
Agustin Abalo
Participated in Apollo Missions 8 through 13 at Grumman Aircraft before a distinguished banking career. Held executive positions at Banco Santander International, Banco Popular Dominicano, and served as President of FIBA. Recipient of NASA's Apollo Achievement Award.
Fernando A. Capablanca
Chairman Emeritus and founder of CBSG. A 60-year career in banking spanning CEO positions at multiple institutions. Received the Robert McCormick Award for Excellence in International Banking Supervision, the only banker to receive that honor. Inducted into FIBA's International Bankers Hall of Fame.
Adolfo Henriques
Career spanning Bank of Nova Scotia, Barnett Bank, Bank of America, Regions Bank, and Gibraltar Private Bank. Chaired the Financial Oversight Board for the City of Miami, helping restore the city to financial health. Recipient of the Woodrow Wilson Award for Corporate Citizenship.
Antonio "Tony" Fernandez
Best known for his 17 years as Area Financial Manager for the Florida Department of Banking, responsible for supervision of state-chartered banks and all international banking operations in Florida. Recognized expert in bank supervision and anti-money laundering.
Jose R. Garrigo
Founding member and Vice Chairman Emeritus of CBSG. Over 40 years in banking, serving as President and CEO of Pan American Bank of Miami, and executive positions at Southeast Bank, Citibank, and Espirito Santo Bank. Decorated Chevalier, Ordre de Merite Agricole by France.
Jorge Salazar-Carrillo, Ph.D.
Full Professor and former Chairman of Economics at FIU. Youngest Senior Fellow at the Brookings Institution. Originated the International Comparisons Project for purchasing power comparisons. Authored over 90 books and 300 articles.
Carlos Migoya
Rose from part-time teller to regional president over a 40-year banking career at Wachovia and predecessors. Led Jackson Health System's transformation from massive losses to sustained surpluses. Successfully campaigned for the $830 million Jackson bond program.
Alex Sanchez
Second Executive Director of the Florida Bankers Association, becoming one of the most recognizable spokespersons for the financial industry nationally. Nominated by President Bush to the Federal Retirement Thrift Investment Board. Later invited by President Obama to serve an additional term.
Gonzalo F. Valdes-Fauli
Chairman of BroadSpan Capital LLC. Retired Vice Chairman of Barclays Capital and Group CEO for Latin America. Over 50 years in commercial and investment banking. Led Barclays to become a leading provider of financial services in Latin America.
Jose Valdes-Fauli
Grandson of Hall of Famer Jacinto Pedroso. Ascended to bank president by age 33. Served as President and CEO of Eastern National, Colonial, and Bank of Miami. Currently chairs the Coral Gables Museum, promoting civic arts and community engagement.
George R. Harper, Esq.
1942 – 2017Founding member and Secretary of CBSG. Chairman of Miami law firm Harper Meyer LLP and a leading attorney in business transactions with Latin America. President of the Inter-American Bar Association and founder of the Cuban Claims Association.
Jorge R. Plasencia
1922 – 2004Built a distinguished career at Republic National Bank of Miami pioneering "character loans" to Cuban exiles, helping launch thousands of small businesses. Author of Pinceladas Criollas, a cultural treasure among Cuban exiles. His legacy inspired the founding of Republica advertising agency.
Juan Del Busto
Former Regional Executive of the Miami Branch of the Federal Reserve Bank of Atlanta. Currently Chairman and CEO of Del Busto Capital Partners. Oversaw branch operations, community outreach, and regional input for monetary policy. Has visited over 170 countries.
Miriam Lopez
One of the first female Hispanic women to rise to the top of banking. Made history in 2000 as the first female President of the Florida Bankers Association. Served as Chairman of TransAtlantic Bank for 24 years and director of the Federal Home Loan Bank of Atlanta.
Carlos Palomares
Over four decades in financial services as President, CEO, Chairman and COO at major institutions. At Citigroup, led global consumer banking in Asia, the Middle East, and Latin America. In 1992 joined a Federal Reserve Bank of New York task force advising Russia's Central Bank on free-market banking reforms.
Board of Directors
Carlos R. Fernandez-Guzman
Chairman, President & CEOPresident and CEO of Pacific National Bank. Close to 40 years of private sector and banking industry experience. Former Chair of the Greater Miami Chamber of Commerce. Served as Senior EVP at BankUnited and held executive positions at multiple financial institutions including Southeast Bank, N.A.
Alcides Avila, Esq.
Immediate Past Chairman & DirectorFounding partner of Avila Rodriguez Hernandez Mena & Garro LLP. Over 35 years of experience in bank regulatory, lending, and M&A matters. Regularly represents clients before the Federal Reserve, FDIC, OCC, and other regulatory agencies.
Fernando A. Capablanca
Chairman Emeritus & DirectorManaging Director of Whitecap Consulting Group LLC. Founding member and leader of CBSG since 1992. Successful 60-year career in banking beginning at Chase Manhattan Bank. Former Chairman of CSBS Bankers Advisory Board and recipient of the Robert McCormick Award.
Jose R. Garrigo
Vice Chairman Emeritus, Treasurer & DirectorOver 40 years in banking and finance. President and CEO of Pan American Bank of Miami. Executive positions at Southeast Bank, Citibank, N.A. and Espirito Santo Bank. Founding member of CBSG. Decorated Chevalier, Ordre de Merite Agricole by France.
Adolfo Henriques
Director & Past Chairman and CEOVice Chairman of The Related Group. Former Chairman of Gibraltar Private Bank & Trust, and Chairman, President and CEO of Florida East Coast Industries. Led banking operations at Bank of America predecessors and Regions Bank.
Maria Grisel Vega
Assistant Treasurer & DirectorFormer General Manager of Bci Miami Branch with over $4 billion in assets. Board member of City National Bank and Bci Securities. Former Chair of FIBA. CPA with 40+ years in banking starting at Arthur Andersen and Southeast Bank.
Juan del Busto
Vice President & DirectorFormer Regional Executive of the Miami Branch of the Federal Reserve Bank of Atlanta. Chairman and CEO of Del Busto Capital Partners, Inc. Board member of Ocean Bank. Active in community and education organizations across South Florida.
Jose E. Cueto
DirectorPresident & COO of Grove Bank & Trust. Former President & CEO of International Finance Bank. Over 31 years of banking experience. Recipient of multiple industry awards including FBA's Horizon Award and South Florida Business Journal's Lender of the Year.
Calixto (Cali) Garcia-Velez
DirectorPresident and CEO of Banesco USA. Former President and CEO of Doral Bank, San Juan. Previous career with Citibank as President of Citibank Florida and Business Manager for Citibank North America divisions. Board member of United Way of Miami-Dade and The Beacon Council.
Abel L. Iglesias
DirectorPresident and CEO of IFB Bank. Over 35 years of banking experience in South Florida including as President and CEO of Professional Bank and JGB Bank. Former Senior EVP of BankUnited FSB overseeing commercial banking divisions.
Marcos A. Kerbel, MBA, CPA, CFP
Director & SecretaryDistinguished international banker, CPA, and university professor. Dean of the FIBA Institute for Financial Education. Teaching at FIU since 1980. Former founding treasurer and past chair of FIBA. Co-authored "Leading the Way" on international banking in Florida.
Manuel Lasaga, Ph.D.
DirectorPresident of Strategic Information Analysis, Inc. Over 30 years advising corporations and financial institutions. Former positions at Wharton Econometrics, Citicorp, and Southeast Bank. Consulted 20 years with the World Bank. Clinical Professor of Finance at FIU.
Gonzalo F. Valdes-Fauli
DirectorChairman of BroadSpan Capital LLC. Retired Vice Chairman of Barclays Capital and Group CEO for Latin America. Over 50 years in commercial and investment banking. Trustee Emeritus of the University of Miami and Spring Hill College.
Landmark Research
CUBA
Past, Present and Future of Its Banking and Financial System
Cuba: Past, Present and Future of Its Banking and Financial System
Our foundational study is divided into two parts. Part one covers the history of the banking system in Cuba from 1832 to the present. Part two presents recommendations for an efficient and modern banking industry, including a negotiated agreement with former bank owners to compensate for nationalized properties, the creation of a development bank, and a robust micro-lending program for small business enterprises.
Our conclusion: a solvent and economically rational banking system is a condition sine qua non in an effective market economy. The classic intermediation role of financial institutions is essential to ensure funds flow freely into economically viable enterprises, appropriately and reasonably priced for risk within a proper regulatory framework.
Request a CopyJoin the Cuban Banking Study Group
Benefits of Membership
The Board of Directors invites you to join CBSG and be part of this important undertaking. As a member, you will gain access to a network of distinguished banking professionals dedicated to Cuba's financial future.
- Invitation to participate in various events and lectures at member's cost
- Stay up-to-date on all matters related to the banking and financial system in Cuba
- Receive advance copies of any future CBSG publications
- Network with distinguished Cuban-American banking professionals
- Contribute to the study and promotion of market-driven banking for Cuba's future
Become a Member
Your membership is free for the first 12 months
CBSG is a non-profit association established in Florida
Apply for MembershipLatest Updates
From Zimbabwe to Wall Street with Help from FIU Mentor
Enia Gyan arrived at FIU from Harare, Zimbabwe with dreams of becoming an architect. A finance class taught by CBSG Director Marcos Kerbel charted an entirely new course, leading to a successful career in banking law at global firm Fried Frank.
2025CBSG Signs MOU with Casa Cuba and FIU
Directors of CBSG met with top executives of Florida International University and Casa Cuba to execute a Memorandum of Understanding providing for close cooperation in educational endeavors and the creation of the Cuban Bankers Hall of Fame.
2021Kenneth Rogoff on Central Bank Independence
Harvard Professor and former IMF Chief Economist Kenneth Rogoff was invited by CBSG to present on "The Beginning of the End of Central Bank Independence and its Implications in LATAM and Cuba."
December 2019CBSG Celebrates 25 Years
About 140 persons participated in the 25th anniversary celebration at the Big Five Club in Miami, Florida. President Fernando Capablanca presented awards to Directors who have served continuously for 25 years.
December 2017Miami Herald: American & Cuban Bankers Hold Historic Meeting
Coverage of the historic meeting bringing together American and Cuban banking professionals, highlighting CBSG's unique role in bridging these financial communities.
Featured ArticleLa Pandemia y la Banca en Cuba
Document presented by CBSG President Fernando Capablanca at Florida International University Casa Cuba, analyzing the impact of the pandemic on Cuba's banking system.
May 2020Honoring Their Legacy
Distinguished and dedicated persons who freely devoted their time to our objectives and mission. Their legacy will endure and inspire those who follow.
Carlos Fernandez, CPA
1937 – 2019Founding member and first Treasurer of CBSG. Partner and Managing Director of KPMG for 33 years, heading the international banking auditing and consulting division in Florida.
George R. Harper, Esq.
1942 – 2017Founding member and Secretary of CBSG. Chairman of Harper Meyer LLP and a leading attorney in Latin American business transactions. President of the Inter-American Bar Association.
Brent Scowcroft
1925 – 2020National Security Adviser to Presidents Ford and Bush. Served as Chairman of CBSG almost from its inception, providing valuable assistance during early deliberations.
Raul M. Shelton, Ph.D.
1911 – 2009Founding member of CBSG. Professor Emeritus of Saint Thomas University. Director of BANFAIC in Cuba. A prime driver in the formation of the study group.
Raul G. Valdes-Fauli
1967 – 2016President and CEO of Professional Bank, Coral Gables. Active participant in CBSG who contributed to the 2016 workshop in Havana studying Cuba's legal environment.
Contact Us
We'd Love to Hear From You
Whether you're interested in membership, have questions about the Cuban Bankers Hall of Fame, or want to learn more about our work, we welcome your inquiry.