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Credit Suisse Cuts Ties With Some Venezuelan Wealth Clients

  • Assets decline by more than half as bank steps up compliance
  • EU, US sanctions make business in Venezuela difficult
Nicolas Maduro
Nicolas MaduroPhotographer: Carlos Becerra/Bloomberg
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Credit Suisse Group AG has cut relationships with a number of Venezuela’s wealthy as it weighs the risk of doing business with politically-exposed clients in the sanctions-hit country.

Switzerland’s second-largest lender has cut assets it manages for the nation’s wealthy by more than half over the past few years, to about $2 billion, according to people familiar with the matter. The bank joins UBS Group AG, which last year closed certain accounts with links to Nicolas Maduro’s government or to Petroleos de Venezuela SA, the state-owned oil company.