Credit Suisse is worried the mass political protests in Venezuela could impact on its reputation, and has thus imposed business restraints on its employees dealings with the crisis-torn country.
The second-largest Swiss bank has forbidden staff from trading in certain Venezuelan securities. Any transactions with the government of Venezuela or any of the South American country’s state agencies will in future require prior permission from the bank, according to an internal Credit Suisse memorandum seen by «Reuters» on Thursday.
The bank will need to establish whether any risks to its reputation could result from such dealings. Credit Suisse doesn’t wish to be involved in any business with a government involved in human rights violations. A spokesman for the bank confirmed the contents of the memorandum.
US Sanctions Tightened
The government of Venezuelan President Nicolas Maduro has for months been the target of mass popular protests, leading to the deaths of some 120 people. Opposition politicians accuse the it of attempting to undermine the power of the parliament in order to impose a dictatorship on the country.
The U.S. recently tightened the sanctions imposed on Maduro and family members of the Chavez clan.
