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Introduction

Banca Laboral de Casanares (Casanares Labour Bank) was founded by the National Congress of Trade Unions (CNS) in 1900 and was designed to benefit all the workers who were members of any of the trade unions affiliated with the CNS. Since then, the bank has evolved into one of the most respected financial institutions of Casanares and one the largest banks in the whole of Latin America competing at a regional level with over 800 branches in Brazil, 300 in Argentina and another 600 branches throughout the region, located primarily in Mexico and Costa Rica. Banca laboral was the first foreign to be allowed to invest in Cuba and currently has 2 branches in Havana but it operates under direct control from the Cuban government. In 2005 Banca Laboral had a total revenue of $15.8 billion. The bank is the largest corporation in Casanares and is mostly owned by the Casanarean government but it is fully independent and is regulated by the Independent Financial Body (CIF). In 2004 the bank opened its first Asian headquarters in Saint Marque Inlet and currently employs 400 people in the Asian kingdom. Banca Laboral also controls Casanares Post Office and 5 other companies, 2 of which are bigger in financial terms, than the banca itself.

Operations

Banca Laboral splits its business into four distinct groups, on a global basis:

Personal Financial Services

Banca Laboral provides more than 34 million customers world-wide with a full range of personal financial services, including current and savings accounts, mortgages, car financing, insurance, credit cards, loans, pensions and investments. The bank facilitates point of sale credit to consumers, and lends money and provides related services to meet the financial needs of everyday people.

Commercial Banking

Banca Laboral provides financial services to small, medium-sized and middle-market enterprises. The group has almost 230,000 of such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies.

Corporate, Investment Banking and Markets

This customer group provides tailored financial services to corporate and institutional clients. Business lines comprise Global Banking, Global Markets, Global Research and Global Transaction Banking.

Private Banking

Private Banking provides financial services to high net worth individuals and their families in 21 cities. Over the last five years, acquired companies such as Corporacion de Seguros Venezolana, BanaMex Holdings and The Bank of Boston have been integrated into Banca Laboral’s private banking business.