Financial Firm Credit Suisse Cuts Relations With Wealthy Venezuelan Families

The bank is the world´s second largest private wealth management firm with an estimated amount of 1,500 trillion dollar under management. In Asia, by far the fastest growing wealth market in the world, Credit Suisse has won the award for best bank for wealth management in 2020.

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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