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"In 2004 UBS, a Swiss bank, paid a $100m fine (without admitting any liability) for providing new banknotes to Cuba and Iran." (The Economist. "Patchy blockade; Cuba and the United States," 8/16/08)
"US victims of attacks in Israel and their families are suing Swiss bank UBS for 500 million dollars, alleging it financed terrorism by doing business with Iran, their lawyer told AFP Tuesday." (AFP. "US families sue UBS over alleged terror links," 5/13/08)
"In late 2005, Dutch bank ABN Amro agreed to pay $80 million in fines stemming in part from improper transactions with Iran through its subsidiary in Dubai, United Arab Emirates. UBS Bank and Credit Suisse of Switzerland recently announced they were suspending most new business with Iran, and British-based HSBC said it would no longer accept dollar transactions from within Iran." (Los Angeles Times, "U.S. Puts The Squeeze On Iran's Oil Fields," January 7, 2007) "Since January three European banks - UBS, Credit Suisse and ABN Amro - have curtailed their activities in Iran. The banks said that their decisions to cut back had been business ones." (The London Times, "American pressure threatens UK firms," May 27, 2006)
UBS will no longer deal with individuals, companies or state institutions such as Iran's central bank, said company spokesman Serge Steiner. A similar policy is also being implemented in the case of Syria, he said.
All existing business with customers in Iran will be canceled, but Iranians in exile are not affected by the decision, Steiner said, confirming an article in Swiss weekly SonntagsZeitung.
"It is a carefully prepared measure that has been under consideration since last fall," Steiner said.
Iran, under increasing international pressure over its nuclear program — and mindful of the freezing of its U.S. assets after the 1979 seizure of the American Embassy in Tehran — has already begun transferring its reserves from European banks to an undisclosed location.
Steiner declined to specify the volume of business affected by the bank's decision. (Fox News. "UBS Halts Business with Iran," 1/22/06)
No response at this time.