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Financial Firm Credit Suisse Cuts Relations With Wealthy Venezuelan Families

RIO DE JANEIRO, BRAZIL - Fearing of doing business with politically-exposed clients in a sanctions-hit country, Zurich-based Credit Suisse Group AG has cut relationships with a number of Venezuela’s wealthy.

One of Switzerland’s most powerful global wealth managers, investment banks and financial services firms, Credit Suisse has cut assets it manages for the nation’s wealthy by more than half over the past few years, to about US$ 2 billion. The bank joins Switzerland´s leading financial firm, Zurich-based UBS Group, which last year closed certain accounts with links to Nicolas Maduro’s government or . . .

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