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UniCredit Bank

UniCredit Bank

Industry: 
Banking
Value of USG Contracts: 
30
Country: 
Italy
Sources: 
  • Services designated Iranian banks while conducting business with U.S. banks 
  • Provides U.S. Dollars to Iranian banks
  • Provides services to UN3* Iranian banks ("Iran's Dirty Banking", Avi Jorisch)

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“The U.S. investigation of UniCredit SpA (UCG) on suspicions it violated economic sanctions with Iran involves far fewer transactions than those that surfaced in probes of other banks, Chief Executive Officer Federico Ghizzoni said. Italy’s biggest bank is one of several European financial institutions bracing for the outcome of investigations for alleged sanctions-busting after France’s BNP Paribas SA (BNP) was fined a record $8.97 billion in June for dealing with blacklisted countries. French lenders Credit Agricole SA (ACA) and Societe Generale SA (GLE) and Germany’s Deutsche Bank AG (DBK) and Commerzbank AG are also under scrutiny from state and federal authorities including the U.S. Department of Justice. The UniCredit case involves volumes ‘by far lower than what we have seen with many other banks,”’Ghizzoni said in an interview with Bloomberg Television late yesterday, referring to questionable payments the bank is alleged to have processed and could be fined for. He didn’t elaborate on the number and said the bank isn’t considering setting aside funds to cover possible penalties.” (Bloomberg, "UniCredit Iran Probe for Amounts ’Far Lower’ Than Peers," 8/6/14)

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“As part of talks in Geneva over the nuclear question, Tehran is pressing world powers to speed up trade finance arrangements on humanitarian deals involving both Western and Iranian banks, according to an Iranian government document seen by Reuters and sources familiar with the initiative. Iranian government officials and international trade sources say Tehran wants to simplify complex trade finance arrangements potentially worth billions of dollars, which would alleviate pressure on the country's sanctioned banking system…Iranian government officials said the document, which has been sent to Iran's Supreme National Security Council, tasked with safeguarding Tehran's interests, listed the following banks as ‘available for further actions’: Standard Chartered Bank (London), Societe Generale (Paris), Banque de Commerce et de Placements (BCP) (Geneva), UniCredit Bank (Munich), Commerzbank (Frankfurt), United Bank (Zurich) and BHF Bank (Frankfurt). It was not clear whether these banks had been approached to provide finance. Two business executives familiar with the initiative said they were aware that Standard Chartered, Societe Generale, Commerzbank were among those on the wish list. Commerzbank, Societe Generale, United Bank and BCP all declined to comment. A spokeswoman for Standard Chartered said the bank was not involved and would not get involved in any transaction with any party from Iran. Unicredit said the group was ‘not aware of, and hence is not participating in any international initiative involving financial institutions related to Iran subsequent to the P5+1 (major powers) accord.’” (Reuters, “Western banks cold-shoulder Iran trade finance scheme,” 3/13/14)

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"U.S. authorities are investigating UniCredit's (CRDI.MI)  German unit HVB as part of a global crackdown on possible violations of sanctions on Iran that has already cost Standard Chartered (STAN.L ) a hefty settlement. In an emailed statement on Sunday, UniCredit said the New York County District Attorney's Office, the U.S. Department of Justice and the U.S. Treasury Department's Office of Foreign Assets Control were leading the investigation... UniCredit said HVB was conducting a broader review of its historic compliance with U.S. economic sanctions on its own initiative. HVB declined to comment beyond the statement. 'The investigation and review are ongoing, and it would be inappropriate to comment further at this time,' UniCredit said... UniCredit mentioned the U.S. probe in a 463-page prospectus for a capital increase in January and in its following financial earnings statements. The documents however mentioned neither HVB, the German bank UniCredit acquired in 2005, or Iran. These details were first reported by the Financial Times on Sunday. 'It is not possible at this time to predict the outcome of the on-going investigation, including the timing and any potential financial impact it may have upon the operating results of the company in any future financial period,' UniCredit said in its first-half results statement on August 3." (Reuters, "UniCredit unit HVB probed over Iran sanctions," 8/26/2012)  

   

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