UBS, Credit Suisse stop dealing with Cuba

Now that he's dying,  Swiss banks finally, worried about their bottom line, stop doing business in Cuba.  So they say.

From  AFXNews:

GENEVA (AFX) - Switzerland's two biggest banks, UBS and Credit Suisse, have stopped all transactions with Cuba, they both said today. Spokespeople for the banks said they now consider Cuba to be a "sensitive" country, confirming a report by the Swiss German weekly SonntagsZeitung. UBS, Switzerland's largest bank, also stopped business with Cuban companies and people living on the communist island. Christoph Meier, UBS spokesman, said it costs too much to ensure that Cuba respects and conforms to legal and financial regulations. Cuba joins a number of "sensitive" countries with which UBS has no business relations, including Iran, Myanmar, North Korea, Sudan and Syria.

Comments

[caimano]

the swiss pullout reflects the sentimant of cross section of euro tourists who are souring on cuba. these include germans, french,italians and others who call svizzera home. the naturaly wary swiss smell something smelly in cuba and it ain't cheese.