Iran General NewsUBS says cutting ties with all Iran customers

UBS says cutting ties with all Iran customers

-

Reuters: Swiss bank UBS is cutting ties with all of its customers in Iran because of high compliance costs, a spokesman said on Sunday, adding that the decision was not driven by political motives. ZURICH (Reuters) – Swiss bank UBS is cutting ties with all of its customers in Iran because of high compliance costs, a spokesman said on Sunday, adding that the decision was not driven by political motives.

“We started to exit customer relationships with counterparties in Iran in autumn last year,” UBS spokesman Serge Steiner said.

“This holds true for all our business units and for all UBS’s regions around the world,” he added.

Separately, a source close to the company said the world’s sixth-largest bank was also severing relationships with Syrian clients. UBS declined to comment.

The news comes two days after Iran — embroiled in a standoff with the West over its nuclear programme — said it was moving foreign holdings to shield them from possible U.N. sanctions.

Iran’s Foreign Ministry earlier on Sunday flatly denied, however, that any currency had been transferred, contradicting previous statements from central bank Governor Ebrahim Sheibani.

Iranian clients hold 1.4 billion Swiss francs in assets in Swiss banks, according to central bank data. Most of that money is with the country’s two biggest banks, UBS and Credit Suisse.

Both UBS and Credit Suisse had declined to comment on Friday about their relationships with clients in Iran.

UBS’s Steiner said that the decision to pull out of Iran had been made after finding that high compliance costs, because of uncertainty regarding regulatory and security matters, were not likely to be outweighed by benefits it expected from business with the country.

Steiner said the decision was not made to protect ties with the United States, where it does a huge part of its business and which is one of Tehran’s fiercest opponents in the global political arena.

“It’s not a political decision. It’s purely a business decision that is taking many factors into account,” he said.

Latest news

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Must read

U.S. eases harsh Iran response

UPI: Britain and France persuaded the U.S. administration to...

French PM calls for stronger sanctions on Iran

AFP: French Prime Minister Francois Fillon called in Saudi...

You might also likeRELATED
Recommended to you