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CREDIT SUISSE GROUP (CSGN)
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Credit Suisse : Bans Trading of Some Venezuelan Bonds

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08/11/2017 | 06:31am CET
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 [email protected]

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Financials ( CHF)
Sales 2018 21 971 M
EBIT 2018 4 251 M
Net income 2018 2 761 M
Debt 2018 -
Yield 2018 2,81%
P/E ratio 2018 16,10
P/E ratio 2019 10,37
Capi. / Sales 2018 2,02x
Capi. / Sales 2019 1,90x
Capitalization 44 423 M
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Number of Analysts 27
Average target price 18,7  CHF
Spread / Average Target 7,5%
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Managers
NameTitle
Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
Pierre-Olivier Marie Bouée Chief Operating Officer
David Richard Mathers Chief Financial Officer
Richard Edward Thornburgh Vice Chairman
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