On May 15, 2025, Cuba’s Official Gazette published Resolution 28/2025 from the Central Bank of Cuba (BCC), granting Novobank S.A.—a fully foreign-owned corporate bank—an indefinite license to operate as a financial intermediary on the island.

The license authorizes Canadian firms Groupe Novinvest Inc. and Les Fonds Génération Nova Inc., both established in 2022, to set up the new financial institution in Cuba. Novobank will offer services exclusively to legal entities. Both Canadian companies are affiliated with the Lussier Group, a business family from Quebec with over 30 years of experience operating in Cuba.

The Lussiers first entered the Cuban market in the early 1990s, following the collapse of the Soviet Union. During the Special Period, a Cuban delegation visited their facilities in Canada in search of trucks to replace aging Soviet-era vehicles. Since then, the family has built a sustained presence in Cuba, primarily in the transport sector, supplying heavy vehicles, parts, and components.

Today, the same Canadian investors backing Novobank are also involved in joint ventures with Cuban partners to assemble bicycles, electric motorcycles, and semi-trailers in Havana.

A Legacy of Investment

Nancy Lussier, president of the two companies authorized to establish Novobank S.A., is the granddaughter of Gabriel Lussier, the Quebec businessman who began investing in Cuba after the USSR’s collapse. She also heads Terracam, a Lussier Group subsidiary that exports heavy vehicles and components to the island.

Nancy Lussier currently serves as president of the Canada-Cuba Chamber of Commerce and Industry. She has played a key role in maintaining the group’s business footprint in Cuba with her father, Mario Lussier. The Lussier Group is widely recognized as one of the longest-standing Canadian investors on the island.

According to Quebec’s corporate registry, both Groupe Novinvest Inc. and Les Fonds Génération Nova Inc. function as holding companies—that is, their primary business activity is managing assets and ownership stakes in other companies.

Their main shareholders include Capital Lussier International Inc. (majority owner) and Trinov Investment, another Lussier family-owned firm. Registry documents list Nancy Lussier as Trinov’s principal shareholder. Trinov specializes in consulting, business management, and equity management.

The Official Gazette notes that Cuba’s Council of Ministers Executive Committee authorized the Canadian companies to create the bank on March 8, 2025. Just over two months later, Novobank was officially announced—a remarkably swift timeline in a country known for bureaucratic red tape.

A Canadian-Owned Cuban Bank, Not a Canadian Bank in Cuba

Novobank is classified as a corporate bank, meaning it is designed to provide specialized financial services to businesses, large corporations, financial institutions, international organizations, and—in some cases—governments. Its core mission is to meet the complex financial needs of these clients and streamline their operations.

It’s important to note that Novobank is not a Canadian bank operating in Cuba. Rather, it is a Cuban financial institution established to operate exclusively on the island. While the capital comes from Canadian investors, the bank is not a branch or subsidiary of any existing Canadian bank.

In recent years, Cuba has cautiously opened its financial sector to foreign capital in hopes of modernization and increased efficiency. Other recent entrants include Alto Cedro Banco Corporativo S.A., a Spanish-owned entity authorized in July 2023, and Novikombank, a subsidiary of Russia’s state-owned Rostec corporation, which serves Russian enterprises in Cuba.

Alto Cedro was licensed under similar terms as Novobank but with tighter restrictions on electronic payments, card issuance and management, mobile wallets, fraud prevention systems, and data analytics.

By contrast, Novobank’s license offers broader capabilities in these areas, positioning it as a potentially more robust player in the local financial ecosystem.

A Private Sector Lifeline?

One of the most significant aspects of Novobank’s approval is its authorization to work with Cuba’s micro, small, and medium-sized enterprises (MSMEs) and non-agricultural cooperatives (CNAs).

Whether this new bank can provide real alternatives for Cuba’s struggling private sector remains to be seen.

Novobank’s entry comes amid a turbulent economic backdrop marked by severe liquidity shortages, high inflation, and the absence of a formal currency exchange market. How the bank navigates these challenges—and whether it becomes a meaningful actor in Cuba’s evolving financial landscape—will be closely watched in the months ahead.