Finance
Swiss bank closes accounts of Cuba account holders - report
Published by Global Banking & Finance Review®
Posted on March 28, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 28, 2025
2 min readLast updated: January 24, 2026
Swiss bank PostFinance is closing accounts of clients in Cuba due to U.S. sanctions, affecting many with ties to the island.
ZURICH (Reuters) - Clients of Swiss bank PostFinance living in Cuba have in recent weeks received notifications that their accounts will be closed, Swiss public broadcaster SRF said on Friday, citing U.S. sanctions pressure on the Caribbean island.
SRF, which published what it said was a copy of a letter sent in March to one of the affected clients, did not explicitly state why the closures were ordered or how many customers were affected. But it said that PostFinance was systematically giving notice to customers with ties to Cuba.
PostFinance said in response to a Reuters query that some of the SRF report drew on speculation and that any possible termination of business ties was carefully reviewed in advance.
"Due to bank-client confidentiality, we cannot comment on the specific reasons that ultimately led to the termination of individual business relationships," the state-owned bank said.
SRF said the reason behind the steps was renewed tightening of U.S. economic sanctions against Cuba under U.S. President Donald Trump, without providing direct evidence.
In the letter the broadcaster published, the bank explained that the account concerned would be closed because the customer's profile "does not match PostFinance's business policy orientation."
On January 20, the day he returned to office, Trump revoked the Biden administration's last-minute decision to remove Cuba from the U.S. list of state sponsors of terrorism.
PostFinance said international sanctions are subject to constant change and that sanctions against Cuba are not new, but have also evolved over time. Thus PostFinance has consistently adapted its internal policy on the matter, it added.
The U.S. embassy in Switzerland did not immediately reply to a request for comment by Reuters.
(Additional reporting by Oliver Hirt; Writing by Dave Graham; Editing by Hugh Lawson)
The article discusses Swiss bank PostFinance closing accounts of clients in Cuba due to U.S. sanctions pressure.
Accounts are being closed due to U.S. sanctions pressure on Cuba, as stated by Swiss broadcaster SRF.
PostFinance stated that any termination of business ties is carefully reviewed and cannot comment on specific cases due to confidentiality.
Explore more articles in the Finance category
