UANI

"Reports issued by U.S. researchers attempting to document activity by multinational companies in Iran have named...units of Japan's three largest banks--Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group and Mizuho Financial Group Inc--as doing business that could possibly run afoul of new U.S. rules.

A widely circulated report issued this year by a former U.S. Treasury Department official on global banks doing business with Iranian banks named the Big Three Japanese financial institutions. Spokespeople for the three Japanese banks declined to comment on the accuracy of the report, or how the law might affect their operations in Iran." (Wall Street Journal, "New U.S. Law on Iran May Hurt Japanese Firms," 7/1/2010).

"Reports issued by U.S. researchers attempting to document activity by multinational companies in Iran have named...units of Japan's three largest banks--Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group and Mizuho Financial Group Inc--as doing business that could possibly run afoul of new U.S. rules.

A widely circulated report issued this year by a former U.S. Treasury Department official on global banks doing business with Iranian banks named the Big Three Japanese financial institutions. Spokespeople for the three Japanese banks declined to comment on the accuracy of the report, or how the law might affect their operations in Iran." (Wall Street Journal, "New U.S. Law on Iran May Hurt Japanese Firms," 7/1/2010).

Credit Agricole is the largest retail bank in France and one of the largest in Europe, with 13,000 employees and 2.75 billion euros in net income (Company Report).

Credit Agricole notes that it "is present in Iran through a representative office which has a role of liasing and informing" (Company Website). 

Zurich Financial Services is an insurance-based financial services provider based in Switzerland, operating in over 170 countries (Company Website). 

Zurich Financial Services lists Iran in its Global Directory (Company Website), and is included in Business Monitor International's Iran Insurance Report (Business Monitor International, subscription required). 

Zurich Financial Services's corporate responsibility policy states that the company "proactively addresses social, environmental and governance issues of rightful concern to our stakeholders" (Company Website).

Standard Chartered Bank has a network of over 1,700 branches and outlets and 5,600 ATMs in more than 70 countries worldwide (Company Website).

Wincor Nixdorf, according to its website, is one of the world’s leading providers of IT solutions and services to retailers and retail banks.  Their IT solutions "help boost process efficiency in banking and retail industries High levels of availability and quality Solutions for cost-efficient operation of IT systems Banking."

The company has subsidiaries in over 41 countries and has an overall market presence in over 100 countries. (Company Website)

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Wincor Nixdorf is listed on the website of Iranian company Informatics Services Corporation (ICS) as a business partner (ICS Company Website).  Likewise, WN lists ICS as one of its banking partners on its own website.  (Company Website) 

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The company's policy on "Social Corporate Responsibiliy" is as follows:

“Success …depends on…achieving a balance between economic, environmental and social objectives – one that is indispensable if we wish to enjoy the confidence of the public over the long term.”  The policy also cites three key values: Caring for the environment, Focus on people, and Social responsibility.  (Company Website)

Santander is "the third largest bank in the world in terms of profits." In 2008, the Santander Group acquired the US-based Sovereign Bank. (Company Website)

Banco Santander is also part of the Royal Bank of Scotland led consortium that owns ABN AMRO, which reportedly has done business with Iran. (ABN AMRO Company Website)

• "In July 2007, it was reported that Santander “was doing business with Teheran-based Sepah as recently as March [2007]…

  Trading with businesses that are blacklisted for alleged links to terrorism is a serious breach of US law and can have draconian consequences...

  Santander is thought to have opened accounts for Sepah in various European countries and in Teheran.

  Allegations have also been made that Santander had a banking relationship with another Iranian bank that the US is targeting for its alleged links to terrorists.

  Santander said: ‘Neither of these institutions has an open account with Santander.’

  The Spanish bank appears to have ended its relationship with Sepah after March. No details are known about the nature of its contact with the other bank.

  Santander said: ‘Banco Santander is confident that it complies with all relevant banking regulations in the territories in which it operates, and with international requirements placed on banks, including those concerning money-laundering and the financing of terrorism.’

  Sepah, which is owned by the Iranian state, was placed on the US blacklist in January. At the time, Stuart Levey, under-secretary for terrorism and financial intelligence, said: ‘Sepah is the financial linchpin of Iran's missile procurement network and has actively assisted Iran's pursuit of missiles capable of carrying weapons of mass destruction.’" (The Daily Telegraph, "Santander Traded with Blacklist Iranian Bank," 7/23/07)

Sovereign Bank is a subsidiary of Banco Santander, "the third largest bank in the world in terms of profits." (Santander Company Website)

Banco Santander is also part of the Royal Bank of Scotland led consortium that owns ABN AMRO, which reportedly has done business with Iran. (ABN AMRO Company Website)

• "In July 2007, it was reported that Santander “was doing business with Teheran-based Sepah as recently as March [2007]…

  Trading with businesses that are blacklisted for alleged links to terrorism is a serious breach of US law and can have draconian consequences...

  Santander is thought to have opened accounts for Sepah in various European countries and in Teheran.

  Allegations have also been made that Santander had a banking relationship with another Iranian bank that the US is targeting for its alleged links to terrorists.

  Santander said: ‘Neither of these institutions has an open account with Santander.’

  The Spanish bank appears to have ended its relationship with Sepah after March. No details are known about the nature of its contact with the other bank.

  Santander said: ‘Banco Santander is confident that it complies with all relevant banking regulations in the territories in which it operates, and with international requirements placed on banks, including those concerning money-laundering and the financing of terrorism.’

  Sepah, which is owned by the Iranian state, was placed on the US blacklist in January. At the time, Stuart Levey, under-secretary for terrorism and financial intelligence, said: ‘Sepah is the financial linchpin of Iran's missile procurement network and has actively assisted Iran's pursuit of missiles capable of carrying weapons of mass destruction.’" (The Daily Telegraph, "Santander Traded with Blacklist Iranian Bank," 7/23/07)

The Royal Bank of Scotland Group owns ABN AMRO, which also does business with Iran. U.S.-based Citizens Financial Group also is owned by The Royal Bank of Scotland Group.

• "ABN AMRO Bank, now owned by Royal Bank of Scotland Group, agreed in 2006 pay $70 million in penalties assessed by U.S. regulators related to alleged dealings with entities from Iran and Libya." (Daily Mail, "Obama to target Lloyd's of London in plan for tougher sanctions on Iran," 10/2/09)

• "A new line of investigation has focused on banking relationships. In December, ABN Amro paid $80m in penalties after it was found to have violated rules on dealing with Iran and Libya, while UBS paid $100m in 2004 after admitting breaches of rules on transactions with Iran, Libya, Cuba and Serbia.

  Both ABN Amro and UBS have reduced their Iran operations, as has Credit Suisse. But it has emerged that the Justice Department is probing three more banks - HSBC, Standard Chartered and France's BNP Paribas...

  The Royal Bank of Scotland also operates in Iran, but it is not believed to be the subject of any US regulatory interest." (The Independent, “UK banks caught in Iran sanctions probe,” 2/5/09)

• Iran’s carmaking and shipbuilding sectors are growing quicker than domestic banks can keep up with. In order to function, these industries rely on European loans.

  Banks providing them include HSBC, BNP Paribas, Deutsche Bank, Commerzbank, Standard Chartered and Royal Bank of Scotland. Some, however, have begun to show caution. Swiss bank UBS has said it was stopping business in Iran because the commercial climate looked unattractive. Credit Suisse has said it will not offer loans to new Iranian clients. (Daily Times, “Iran’s bravado on UN sanctions may ring hollow,” 2/2/06)