Entertainment Credit Suisse wants to make less business with cannabisemers

11:55  06 may  2021
11:55  06 may  2021 Source:   spiegel.de

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(Bloomberg) - Credit Suisse Group AG has tightened its internal specifications for security transactions related to Cannabis. The instructions were carried out as part of an ongoing review of risk management according to a number of scandals at the bank.

The Bank has introduced a formal business policy to deal with companies from the Cannabis area, such a person familiar with the matter. Some customers have already been informed accordingly in March. The new rules offered for the first time a list of companies that the Credit Suisse would not make business, the person and asked to be namely named, as the matter was privately.

UBS deserves more than expected and wants to save a billion dollars - UBS share still under pressure

 UBS deserves more than expected and wants to save a billion dollars - UBS share still under pressure UBS has increased its profit in the first quarter thanks to higher revenue and lower credit risks. © Provided by Finanzen.net Tannen MAURY / AFP / Getty Images However, the default of payment of a US customer in the Prime Brokerage business, which means the US hedge fund archegos is noticeable. The expectations of the analysts surpassed the Swiss bank. The net profit climbed $ 1.82 billion of 1.6 billion in the same period of the previous year. Analysts had expected a net profit of 1.6 billion

The Bank continues to participate in some investment in connection with cannabis, such as: B. Cannabis ETFs. Licensed manufacturers from Canada such as Canopy Growth Corp., Aurora Cannabis Inc. and Tilray Inc. are not on the list, suggesting that the bank can continue to work with these companies, the person said.

A representative of Credit Suisse refused an opinion.

Global pot stocks have flagged since February © Bloomberg Global Pot Stocks HAVE Flagged Since February

The new guidelines come at a time, as Credit Suisse tests its risks and control mechanisms after problems with Archegos Capital Management - the collapse of the Family Office has the bank of the bank 5.5 billion dollars ( 4.6 billion euros) cost.

cannabis shares are also in the backward trend since the beginning of February. The new policy of Credit Suisse has possibly unsettled the entire industry.

Headline in the original:

Credit Suisse Said to Clamp Down on Its Cannabis Dealings (1)

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