Credit Suisse Group AG is prohibiting its traders from transacting in PDVSA bonds due 2022, Venezuela bonds due 2036, and any securities issued after June 1, according to a memo seen by Bloomberg that was confirmed by a spokesman.
The bank also prohibited any business with counterparties controlled by the Venezuelan government, private individuals, or private companies, as well as any business involving Venezuela’s underlying assets, uncless cleared by the bank’s reputational risk office
“In light of the political climate and recent events in Venezuela, and actions taken by the current government, we want to ensure that Credit Suisse does not provide the means for anyone to violate the human rights of the Venezuelan people,” the memo said
The bank “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"
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