Austrian bank to resume business with Cuban clients following protests
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| Published on Saturday, May 5, 2007 |
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By Matthias Wabl
VIENNA, Austria (Bloomberg): Austria's Bawag PSK Bank plans to resume business with its Cuban clients after the Austrian government and customers protested against the cancellation of accounts.
The bank's management last month sent a letter to about 100 Cuban citizens saying that the bank would stop doing business with them because of US laws. Bawag is being bought by the US private equity company Cerberus Capital Management. Completion of the sale is expected within two weeks.
The bank "apologizes for the measures taken and the related problems and irritations," the Vienna-based bank said Friday in an e-mailed statement. "We want to stress that we take the many critical comments seriously."
Bawag had cancelled the accounts by saying US laws ban businesses with Cuban citizens. The bank now says that Cerberus had reached an agreement with US authorities that allowed the resumption of the business relations.
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