Banking

BANCA UBAE lists a consultant in Iran on its website. (2/13/2018)

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Noted for conducting business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

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Banca UBAE maintains a relationship with a local consultant in Tehran.  According to the consultant's 2011 report, Banca UBAE has "an excellent business relationship with the banking system and effective and professional contacts at the operational levels."  He also applauded Banca UBAE's "commendable initiatives and efforts in trying to find solutions for trade finance problems between Italy and Iran." (2011 Cached Version of Company Website)

Noted for conducting business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

Noted for conducting business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

In 2020, the U.S. state of Mississippi listed EIH on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

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• As part of the re-imposition of U.S. sanctions on Iran, added on November 5, 2018 to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction and their delivery systems; foreign parties facilitating transactions for the entity or otherwise assisting the entity are subject to U.S. sanctions; also designated pursuant to Executive Order 13599 and subject to the Iranian Financial Sanctions Regulations; foreign financial institutions facilitating transactions for the entity may be prohibited from opening or maintaining correspondent or payable-through accounts in the United States. (Iran Watch)

• Despite hopes of a new dawn for Iran's economy after nuclear-related sanctions were lifted, major Western banks are reluctant to do business with the Islamic republic for fear of US retribution. President Hassan Rouhani has said that to reach the target of eight-percent growth needed to modernise the industrial sector and relaunch the hobbled economy, Iran needs up to $50 billion in foreign investment every year. But without the big foreign banks, that looks impossible. "For the moment, the little European banks have agreed to work with us," said Parviz Aghili, head of the private Middle East Bank in Tehran. They include banks from Italy, Austria, Switzerland, Germany and Belgium, he said without naming them. "But not a single medium-sized or big bank has so far agreed to do it," he added... The limited number of institutions that do deal with the Islamic republic include Raiffeisen Bank and Erste Bank from Austria, Mediobanca and Banco Popolare of Italy, Germany's EIH, KfW and AKA banks, Belgium's KBC, ING of the Netherlands and Turkey's Halk, according to a banking expert in Tehran. "These banks have established working relations with the Iranian banks to open letters of credit for fairly small sums of 10, 20 or 50 million dollars." But they lack the resources to finance big projects like the deal struck between Iran and European aircraft manufacturer Airbus for 118 airplanes, or oil and gas development projects, the expert said. (AFP, "Iran banking hobbled by Western reluctance to engage," 9/13/2016).
• Noted for conducting business in/with Iran. (Avi Jorisch, "Iran's dirty banking," 2010)
• According to its website, EIH lists Iran as one of its key markets. (EIH Website, "About Us")

In November 2016 IMIDRO and BHF-Bank resumed cooperation, especially in the mining and mining industries sectors.

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Noted for conducting business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

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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.’ BHF Bank said it was ‘not offering or providing any financial services with links to Iran.’” (Reuters, “Western banks cold-shoulder Iran trade finance scheme,” 3/13/14)

Reported to be conducting and servicing business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

On May 14, 2018, Reuters reported, “Denmark’s Danske Bank said it decided earlier this year to phase out and exit all activities to and from Iran, due to increasing operational and reputational risks associated with doing business in Iran…Danske Bank said it also decided to suspend existing relations with Iran that allowed it to support certain customers in doing business in Iran.” (5/14/2018)
 

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"Denmark's Danske Bank signed a €500 million finance contract  with 10 Iranian banks on Thursday, becoming the second European lender to ink such an agreement with Iran." (September 21, 2017)

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"CBI deputy governor has reported on attraction of financial resources worth 7.2 billion dollars through three international banks. Deputy Governor of the Central Bank of Iran (CBI) for Foreign Exchange Affairs Gholamali Kamyab, while pointing to foreign exchange projects pursued by CBI in the field of Resistance Economy, said attraction of 10 billion dollars of external resources remained as one objective defined by the central bank in the area of Resistance Economy. 'Measures taken by CBI in this regard include extensive negotiations with some foreign banks like Export-Import Bank of China (China Eximbank), the Italian Mediobank as well as Danske Bank of Denmark,' noted the official." (Mehr News, "Iran Attracts $7.2bn Finance from 3 Foreign Banks," 1/8/2017).

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"Denmark's Danske Bank A/S said on Monday it was in talks with the Iranian central bank on arranging credit to clients with business activities in the country. 'To a limited extent and within the international framework, we are open to supporting our clients with activities in Iran financially,' a Danske Bank spokesman said in an email. 'We are in dialogue with Iran's central bank about this, but no deal has been reached at this point,' he said. An Iranian central bank official said that the bank had received $7.2 billion in financing from three foreign banks, including Danske Bank, Iran's Financial Tribune daily reported on Sunday." (Reuters, "Danske Bank Says in Talks with Iran Central Bank on Financing ," 1/9/2017).

According to its 2019 SEC disclosure: "We currently maintain certain non-U.S. dollar denominated accounts for the Embassy of the Islamic Republic of Iran in Canada (the “Iranian Embassy”). Any funds in these accounts are frozen by Ontario court order in connection with civil litigation, which is being monitored. In fiscal 2019, these accounts generated less than $3,000 in gross revenue and less than $3,000 in net income."

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According to its 2017 SEC disclosure: "We currently maintain certain non-U.S. dollar denominated accounts for the Embassy of the Islamic Republic of Iran in Canada (the “Iranian Embassy”). Any funds in these accounts are frozen by Ontario court order in connection with civil litigation, which is being monitored. In fiscal 2017, these accounts generated less than $3,000 in gross revenue and less than $3,000 in net income."

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According to its Annual Report filed with the SEC for fiscal year 2013: "We currently maintain certain non-U.S. dollar denominated accounts for the Embassy of the Islamic Republic of Iran in Canada (the “Iranian Embassy”). The funds in these accounts are used solely for the maintenance of the property of the Iranian Embassy as permitted by Canadian law.

In fiscal 2013, these accounts generated less than $7,000 in gross revenues and less than $4,000 in net income."

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• Provides services to the central bank of Iran.
• Holds Iranian accounts 
• Conducting business with U.S. banks that service 'deficient' Iranian banks 
• Provides services to Iranian banks  (Avi Jorisch, "Iran's Dirty Banking", 2010)

• Union Bank of India Ltd. was revealed to have facilitated a fund transfer of $100 million between Mangalore Refinery & Petrochemicals Ltd. and the National Iranian Oil Company. This fund transfer was a multi-step process coordinated with the Turkish bank Halkbank and was designed specifically to evade international sanctions.
• Has relationships with 'deficient' Iranian banks ("Iran's Dirty Banking", Avi Jorisch)