Wednesday, November 29, 2006

Cuba - Swiss banks cut ties

Missed this last month.

Geneva - Switzerland's two biggest banks, UBS and Credit Suisse, have stopped all transactions with Cuba, they both said on Sunday.

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 spokesperson, 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.

via Biased BBC

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