Credit Suisse does the right thing

Author: | Published: 24 Aug 2017

Altruism is not a word that appears often in connection with the financial sector. When it comes to the Venezuelan bond market, however, there is a strong argument that it should.

In an internal memo distributed last week, Credit Suisse declared an internal ban on trading certain Venezuelan bonds, and outlined as policy that any form of business within the country must undergo a stringent reputational risk review process before proceeding. By all accounts, this seems like a fairly decent thing to do – by going out of its way to avoid a fairly lucrative capital market it can ensure that it will 'not provide the means for anyone...