DZ Bank

Banking
DGBZ:GR
Germany

"European banks are tentatively re-engaging with Iran as the Middle East’s second-largest economy slowly emerges from a sanctions regime that has kept it in the financial wilderness for years. Belgium’s KBC, Germany’s DZ Bank both confirmed when contacted by the Financial Times that they have started handling transactions on behalf of European clients doing business in Iran. Austria’s Erste Bank is preparing to do so. However, bigger European banks remain on the sidelines alongside their US rivals, scarred by a string of multibillion-dollar fines for earlier sanctions breaches in Iran. This is causing growing frustration among officials in Iran and Europe about the slow pace with which Tehran is being reconnected to the global financial system... the continuation of many US sanctions relating to other issues, such as facilitating terrorism, has made many international banks wary of working with Iranian institutions and individuals." (Financial Times, “Europe’s banks begin tentative return to Iran,” 4/3/2016)