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Credit Suisse bars deals with Venezuelan government

The Swiss bank ordered its brokers to abstain from trading in any financial papers issued after June 1, 2017 by the Venezuelan government

The move comes over concern of reputation fallout for dealing with an increasingly autocratic government

REUTERS

  • PABLO ESCALONA

11 de agosto de 2017 07:56 AM

Actualizado el 15 de agosto de 2017 06:52 AM

PARA COMPARTIR

Credit Suisse bars deals with Venezuelan government

Credit Suisse barred on Thursday its brokers from dealing with Venezuela bonds and financial products issued by the Venezuelan government since June.

In an internal memo this week, Credit Suisse requested traders to abstain from dealing with two Venezuelan bonds including one sovereign issue due in 2036 and Pdvsa’s bond maturing in 2022, reported a source that asked not to be cited by name. No further details were provided, AFP reported.

Additionally, Credit Suisse banned trading in financial products issued by the Venezuelan government after June 1, 2017.

Similarly, Venezuelan individuals and corporations need the prior consent of Credit Suisse risk department before making any operation with the bank.

The bank promised to review every relation with the Venezuelan government, as it “does not want to be involved in any transaction or action which could be perceived as enabling the current Venezuelan regime to continue to violate the Venezuelan people’s human rights.”

Credit Suisse has been the target of US sanctions in the past for making business with governments and leaders blacklisted in the United States.

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