Credit Suisse is a Swiss bank that provides comprehensive solutions to our clients in private banking, investment banking and asset management. Credit Suisse has operations in more than 50 countries. As of the end of 2015, Credit Suisse had 1,345 billion CHF in assets under management (€1,166 billion).[1]
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.”[2] 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.“[3]
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.[4]
The bank does not publish its exclusion list, which is based on information provided by Sustainalytics.[5]
Credit Suisse was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.
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.
[1] Credit Suisse, “Our Company”, website Credit Suisse (https://www.credit-suisse.com/ch/en/about-us/our-company.html), viewed 23 January 2018.
[2] Credit Suisse, “Summary of Credit Suisse’s Sector Policies and Guidelines”, page 5, available at https://www.credit-suisse.com/media/assets/corporate/docs/about-us/responsibility/banking/policy-summaries-en.pdf, viewed 23 January 2018.
[3] Credit Suisse, written response to Profundo dated 7 May 2014.
[4] Credit Suisse, written response to Profundo 4 June 2014.
[5] Credit Suisse, written response to Profundo 4 June 2014.
Last updated March 2018