UBS, Credit Suisse end Cuba relations
- Submitted by: admin
- Business and Economy
- 11 / 13 / 2006
Two of Switzerland's biggest banks, UBS and Credit Suisse, have confirmed that they are no longer doing business with Cuba.
Representatives of both banks have said that they have ceased relations with the country, with both now regarding it as a "sensitive country", along with Iran, North Korea and Syria among others.
According to a spokesperson for UBS, the bank had not been conducting business with the Cuban financial sector since 2005, while Credit Suisse said that it too had ended relations at the beginning of 2006.
UBS now refuses to do business with individuals or institutions resident on the Caribbean island, and will not execute any payments to Cuba.
Credit Suisse said that it did not make payments in US dollars to Cuba, although payments in other currencies could be possible if a correspondent bank could be found.
Source: Bobsguide.com
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