UBS, Credit Suisse stop dealings with Cuba-paper
Sun Nov 12, 2006 9:23am ET31
ZURICH, Nov 12 (Reuters) – Swiss banks Credit Suisse (CSGN.VX: Quote,
Profile, Research) and UBS (UBSN.VX: Quote, Profile, Research) have
severed relations with Cuba and are boycotting all business dealings
with the country, a Swiss newspaper reported on Sunday.
The boycott affected both business and private client accounts,
spokesmen for the two banks told newspaper SonntagsZeitung. The report
did not say when the two banks had stopped having any dealings with Cuba.
Neither bank could be reached for comment.
In October, Cuba’s communist government said that U.S. trade sanctions
over the last year had cost the country $4.1 billion in higher financial
and shipping costs, lost business and cancelled contracts.
Foreign banks have come under increasing pressure to boycott Cuba from
America’s Office of Foreign Assets Control, the paper wrote.