Credit Suisse is a Swiss bank that focuses on private banking and investment banking for corporate, institutional and government clients and for high-net-worth private clients worldwide. The bank also serves retail clients in Switzerland.[i] Credit Suisse has operations in more than 50 countries.[ii]
Credit Suisse’s Controversial Weapons Policy is based on the Swiss Federal War Materials Act. As a result, the bank “will not directly finance the development,manufacture and acquisition of nuclear, biological and chemical weapons, anti-personnel mines and cluster munitions.”[iii] This definition also covers the maintenance of these weapons. In addition, Credit Suisse does not finance activities related to delivery systems that are specifically designed for nuclear weapons. However, the Bank states it “may provide services to nuclear weapon producers if the financing of the development, manufacture or acquisition of such weapons can be excluded.“[iv]
Credit Suisse also states that it excludes investment banking activities related to nuclear weapons producers and investments in nuclear weapon producers that it makes on its own account. The exclusion policy does not apply to Credit Suisse’s other asset management activities nor to its external asset managers.[v]
The bank does not publish its exclusion list, which is based on information provided by Sustainalytics.[vi]
We commend Credit Suisse for adopting a public policy on nuclear weapons in line with the provisions of the Swiss Materials Act. We recommend Credit Suisse develop policy expanding on the current interpretation of the Swiss Materials Act and exclude the financing of nuclear weapon producing companies as a whole,instead of only the activities related to nuclear weapons. Furthermore, Credit Suisse should apply its policy to all of its financial products, including assets managed. We look forward to engaging with Credit Suisse, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
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Congratulations Crédit Suisse. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Crédit Suisse also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Crédit Suisse made the following changes to make the policy airtight:
• Develop policy expanding on the current interpretation of the Swiss Materials Act;
• Exclude the financing of nuclear weapon producing companies as a whole, instead of only the activities related to nuclear weapons.
• Apply the policy to all of its financial products, including assets managed.
With kind regards,
|Website: https://www.credit-suisse.com/||Twitter: @CreditSuisse||Facebook: https://www.facebook.com/creditsuisse|
[i] Credit Suisse, “Credit Suisse at a Glance”, website Credit Suisse (https://www.credit-suisse.com/who_we_are/en/at_a_glance.jsp), viewed 11 May 2015.
[ii] Credit Suisse, “Credit Suisse at a Glance”, website Credit Suisse (https://www.credit-suisse.com/who_we_are/en/at_a_glance.jsp), viewed 11 May 2015.
[iii] Credit Suisse, “Summary of Credit Suisse’s Sector Policies and Guidelines”, page 5, available at https://www.credit-suisse.com/media/cc/docs/responsibility/policy-summaries-en.pdf, viewed 11 May 2015.
[iv] Credit Suisse, written response to Profundo dated 7 May 2014.
[v] Credit Suisse, written response to Profundo 4 June 2014.
[vi] Credit Suisse, written response to Profundo 4 June 2014.