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Hinduja Bank

Hinduja Bank

Industry: 
Banking
Country: 
Switzerland
Contact Information: 
Sources: 

"Some European financial institutions are suspending almost all Iranian transactions because they fear losing access to U.S. financial markets, European banks and companies say. Geneva-based Hinduja Bank (Switzerland) Ltd., one of the last banks in Western Europe still handling Iran trades, told its clients last month it would stop issuing letters of credit for Tehran banks, citing new U.S. sanctions. 'The latest list of sanctioned entities announced [by the U.S. Treasury] includes the five private-sector banks in Iran with whom we have been working,' the bank said. 'The internal rules of Hinduja Bank preclude us from working with these Iranian banks. ' An official at Hinduja declined to comment." (Wall Street Journal, "EU Firms Join Debate Over U.S. Sanctions on Iran," 8/15/12)

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“A Swiss bank owned by India's Hinduja Group said this week it is continuing food trade finance with Iran despite the sanctions.” (Reuters, Iran poised to start big feed grain imports,” 4/13/2012)

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"In Geneva, Hinduja Bank (Switzerland) Ltd., handles Iranian food transactions for Swiss companies. Achille Deodato, a manager for group and business control, said the bank remains involved 'with the authorization of Swiss authorities' in trade involving letters of credit and 'bulk agricultural commodities.'" (The Wall Street Journal, "Willing Banks Find Profits in Legal Trade With Iran," 4/8/2012) 

  • Conducts business with U.S. bank Wells Fargo and Iranian banks

(Avi Jorisch"Iran's Dirty Banking", 2010)