Cuba withdraws license for two banks

Cuba has withdrawn the licenses of the first two foreign banks authorized to operate on the communist-ruled island.



Officials say the financial institutions, ING Barings and Netherlands Caribbean Bank, lost their license because they were not doing enough business.



The island\'s Central Bank president says they will no longer be permitted to conduct the business authorized by the license.



They were authorized to make loans to banks and corporate clients, engage in commercial transactions, currency exchange and other transactions in the capital and money markets.