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4-Traders Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group    CSGN   CH0012138530

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Credit Suisse : Bans Trading of Some Venezuelan Bonds

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08/11/2017 | 06:31am CEST
By Telis Demos 

Credit Suisse Group AG will prohibit trading of certain Venezuelan bonds, citing the country's political climate, according to an internal bank memo.

The memo, whose contents were confirmed by a spokeswoman, was written by the bank's reputational risk committee and sent earlier this week.

The new policy forbids the trading or use as collateral of two specific bonds, one issued by the Venezuelan government due in 2036, and one by state oil company Petróleos de Venezuela SA due in 2022, as well as bonds from government entities issued after June 1.

The bank doesn't trade those Venezuelan bonds currently, but opted to formally ban them anyway.

The memo said the bank isn't leaving the Venezuelan market, however. It will continue to support existing clients, onboard new clients, and trade securities that meet its reputational risk guidelines, the spokeswoman said.

The move comes several weeks after the asset-management business of Goldman Sachs Group Inc. was criticized by opposition groups in Venezuela. They said that the purchase of government bonds by funds managed by the bank was supporting President Nicolás Maduro, who has been the target of protests as the country suffers food and medical shortages amid an economic crisis.

Write to Telis Demos at telis.demos@wsj.com

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Financials ( CHF)
Sales 2017 21 155 M
EBIT 2017 2 503 M
Net income 2017 1 436 M
Debt 2017 -
Yield 2017 2,31%
P/E ratio 2017 21,79
P/E ratio 2018 12,45
Capi. / Sales 2017 1,76x
Capi. / Sales 2018 1,69x
Capitalization 37 292 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 15,6  CHF
Spread / Average Target 6,9%
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Managers
NameTitle
Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
Pierre-Olivier Marie Bouée Chief Operating Officer
David R. Mathers Chief Financial Officer
Richard Edward Thornburgh Vice Chairman
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