Banking

Reuters reported in November 2017: "Zarrab said he had learned from Zafer Caglayan, who was Turkey’s economy minister, that Erdogan and then-treasury minister Ali Babacan had authorized two Turkish banks, Ziraat Bank and VakifBank, to move funds for Iran."

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Ziraat Bankasi (officially TC Ziraat Bankasi AS) lists an office located in Tehran.

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"Accusations that three Turkish state banks violated US sanctions by facilitating illegal money transfers have made it to the agenda of Parliament, according to a report in the Taraf daily on Thursday.  Last month the US Federal Reserve (Fed) requested that the state-run Ziraat Bankası provide a detailed audit revealing whether or not the bank had conducted illegal money transfers from firms blacklisted by the US to countries such as Iran and Sudan, in violation of US sanctions. The Fed reached an agreement with Ziraat on July 1 stipulating that the financial institution would issue such a report within 60 days." (Today's Zaman, "Ziraat Bankasi money laundering issue reaches Parliament agenda", 8/7/14)

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"Iran is in talks with Ziraat Bank to utilize certain services of the bank, said Customs and Trade Minister Nurettin Canikli. It was announced that Iran wanted to benefit from Turkey's state-owned Ziraat Bank's experiences, and it made an offer to Turkey to receive treasurership and consultancy services from Ziraat Bank to facilitate and improve the country's trade relations with other countries." (Daily Sabah, "Iran requests treasureship from from Ziraat Bank", 6/5/15)

UANI notes Natixis’s presence on the Government of Bulgaria’s list of Foreign Banks & Financial Institutions and Iranian Banks Abroad Working with Iran. (Government of Bulgaria Website, “Foreign Banks & Financial Institutions and Iranian Banks Abroad Working with Iran,” 1/19/2017). 

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Natixis has a major U.S. presence, including through its subsidiary Natixis Wholsale Banking Americas.

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“A high-profile delegation from Western companies, including cement maker Lafarge SA and bank Natixis SA, came in February on a trip organized by a French business association. Executives raced through a packed meeting schedule that included half of Iran’s cabinet, the country’s customs agency and Tehran Mayor Mohammad Bagher Qalibaf. Lafarge and Natixis confirm that the trip occurred and say they have no current presence in Iran.” (Wall Street Journal, “As Iran Sanctions Ease, Western Firms Seek a Way In,” 3/27/14)

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"A/S O,Brien met with senior Banque Natixis officials, Dominique Ferrero (Director General), Andre-Jean Olivier (Director of Finance), and Christian Gissler (Chief Risk Officer) to discuss the risks of doing business with Iran…Ferrero stated that although they have a representative office in Tehran, their financial activity with Iran is minimal, and he highlighted that Banque Natixis has a real presence in the US, which yields many benefits for the bank, including substantial profits and business.” (WikiLeaks, “(S/NF)MFA BRIEFS ON FURTHER ACTION AGAINST IRAN INCLUDING IN UNSC,” 9/13/07) 

Amundi was “Formed on 1 January 2010 through the combination of the asset management arms of Crédit Agricole and Société Générale.”

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“Iran [welcomes] the most senior French trade delegation in years on Monday, telling more than 100 executives that the farsighted among them stood to win the race for business following an easing of some economic sanctions…’A new chapter has begun in relations between Iran and Europe,’ Mohammad Nahavandian, President Hassan Rouhani's chief of staff, was quoted as saying by the official IRNA news agency. ‘You should carry the message back that potential for cooperation with Iran is real and not to be overlooked,’ he told the delegation. ‘Those with longer foresight stand to win this race.’ The delegation of more than 100 executives from Medef, the French employers' association, on a Feb 2-5 trip, met Nahavandian and members of Iran's Chamber of Commerce, Industries, Mines and Agriculture, IRNA said. A source close to the delegation told Reuters it was the most senior group of entrepreneurs and financiers to visit Iran since the 1979 revolution, representing the defence, aviation, petrochemicals, automotive, shipping and cosmetics sectors. Among companies represented were Safran, Airbus , Total, GDF-Suez, Renault, Alcatel, Alstom, Amundi and L'Oréal, the source said. ‘Many of these firms have worked in Iran before and their goal now is to restore links,’ the source said. ‘The very makeup of the delegation shows these people are here to evaluate potential for cooperation.’ A French embassy source in Tehran said the visit was merely exploratory and ‘nothing is to be signed this time around.’” (Reuters, “Iran welcomes French business chiefs after sanctions eased,” 2/3/14)

“The Bank of Moscow agreed to remit $9.5 million to the U.S. over allegations it handled money transfers with a bank under U.S. sanctions. The U.S. Treasury Department’s Office of Foreign Assets Control said in an enforcement notice that the Bank of Moscow, which is formally known as the Joint-Stock Commercial Bank, sent 69 transfers totaling more than $41 million through the U.S. between January 2008 and July 2009 on behalf of Bank Melli Iran ZAO, which was placed under U.S. sanctions in October 2007. None of the payment messages Bank of Moscow sent included references to the bank under U.S. sanctions; instead, it identified the bank in abbreviations, the notice said. U.S. financial institutions processed the transactions without intervening, Treasury said. Representatives of Bank of Moscow couldn’t be reached for comment.” (Wall Street Journal, “Bank of Moscow Settles US Sanctions Allegations,” 1/27/14)

Bank of China has a New York Branch Website.

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"Lawyers acting for terrorism victims in a US court case that accuses the Bank of China of helping Iranian-backed militant groups to fund their operations say they have identified a new witness who will bolster their case, which has been hindered by the Israeli government’s reluctance to embarrass Beijing. Nitsana Darshan-Leitner, an Israeli attorney representing 22 families of terror victims said that the claimants’ lawyers planned to subpoena Stuart Levey, a former US Treasury official they believe warned the Bank of China in 2007 about accounts linked to Islamic Jihad and Hamas…

The victims’ lawyers were alerted to Mr Levey by a leaked US diplomatic cable published by the whistleblowing website WikiLeaks detailing meetings in 2007 between the former US official, who was then Treasury undersecretary, and Chinese banks and regulators – including Bank of China – in which he warned them of the 'increasing risk posed by Iran to the Chinese financial system'…Lawyers bringing the litigation in federal and state court in New York allege that Bank of China accounts in Guangzhou, southern China, were used by Hamas to wire money from the militant group’s headquarters in Syria and Jordan to Beijing. There, they claim, money was taken out of the account and sent to Hamas’s stronghold in the Gaza Strip either in a wire transfer or merchandise that was later sold to help the group’s operations. The victims’ lawyers claim that accounts held in the Bank of China were used to transfer assets, mostly merchandise, to Islamic Jihad…

The lawyers are seeking damages for relatives of victims of a 2008 shooting at a Jerusalem rabbinical seminary at which eight people were killed; a 2007 suicide bombing at a bakery in Eilat that left three dead; and people killed or injured by Qassam missiles fired from Gaza into southern Israel over a period of four years. According to the WikiLeaks cable, Mr Levey met Xiao Gang, Bank of China’s chief executive. The US then-official said that all financial transactions with Iran were “high risk” and required 'extraordinary due diligence.' According to the leaked cable, Mr Levey told Mr Xiao: 'We think Iran is trying to misuse your bank,' and passed the Chinese chief executive information regarding specific transactions involving his bank and companies associated with the Iran Revolutionary Guard Corps. The cable quotes Geng Wei, the Chinese bank’s chief compliance officer as saying: 'On Iran, like North Korea, we cannot ignore the risk.' 

Bank of China declined to comment. The state-controlled bank is China’s fourth-largest by assets, and like all major financial institutions in the country, its top executives are appointed by the Communist party." (Financial Times, "Terror victims find witness in case against Bank of China," 11/11/13)

On 24th May 2016 Mr Marco Padovan will host the second edition on the “Training Day on Iran” organised by Banca Popolare di Sondrio.

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Banca Popolare di Ravenna lists the “Transfer of funds to and from Iran according to EU regulations 267/2012 e 1263/2012” as an available service for clients.  The bank lists a cost of €150 for "activation of notification procedures" and €500 for "activation of the authorization request procedure." (Company Website)

"Is restricting or stopping business with Iran." (Benoit Faucon and Sarah McFarlane, “King Dollar Tightens Noose on Iranian Economy,” The Wall Street Journal, June 25, 2018.)

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"Iranian private bank Sina has opened accounts in the Spanish Ares Bank and Italian Banca Popolare di Sondrio, the
bank’s website announced." (Financial Tribune, “Sina Bank Links Up With 2 European Peers,” 7/22/2017.)

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In May 2017 – “According a TCCIMA's news website, Banca Popolare di Sondrio has agreed on a Money Transfer Service with its Iranian peers at a 0.15% fee. This puts the bill for transferring every €1,000 at €1.5–good news for Iranian businesses and banks used to sky-high fees during the sanctions.”

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According to Iran’s central bank, BPSO has established ties with Iran.  Furthermore, “[a] source close to Popolare di Sondrio told Reuters that the bank had an Iran team and was operating in the country.”  (Reuters, “Small banks help Iran slowly restore foreign financial ties,” 6/15/2016).

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On February 9, 2011 Banca Popolare Di Sondrio organized an event with the Italian-Iranian Chamber of Commerce (CCII) to discuss rules, regulations, and opportunities surrounding trade between Italian companies and Iran.

Formerly known as Banca Popolare del-Emilia Romanga S.C.

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On the “List of Corresponding Banks for Transferring the Fees” for payment to the 10^th International Conference on Magnetic and Superconducting Materials (“MSM17”), which took place at the Sharif University of Technology, Tehran, Iran on September 18-21, 2017.  (Sharif University Website, “MSM17 [Corresponding Banks Fees];” “MSM17”).

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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).

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Banca Popolare Dell'Emilia Romagna lists as a service to its clients the "Transfer of Funds to and from Iran in accordance with EU Regulation 961/2010."  The bank lists a cost of €50 for "activation of notification procedures" and €200 for "activation of the authorization request procedure." (Company Website)

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On March 12, 2011 Banca Popolare Dell'Emilia Romagna co-hosted an event to promote commerical activity and economic cooperation between Italian companies and Iran. 

Mediobanca sent staff to visit Iran but never did finance business there, according to a person familiar with the matter. ( Max Colchester and Laurence Fletcher, “Iran Nuclear Deal Upheaval Shakes Up European Banks’ Outreach,” The Wall Street Journal,
May 9, 2018.) 

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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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Mediobanca is listed on the Reserve Bank of India’s (“RBI”) names of international banks which have entered into a correspondent banking relationship with Iranian banks

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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).

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“Italian investment bank Mediobanca wants to play a role in the privatization of Iranian state-owned companies and in foreign investments in the country’s oil, energy, automotive and financial industries, according to an internal memo confirmed by the bank.” (Bloomberg, “Daimler, Mediobanca Line Up to Profit From End of Iran Sanctions,” 1/18/2016).
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Mediobanca maintains a representative office in Tehran.  (Italian-Iranian Chamber of Commerce Profile)

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"Investment bank Mediobanca said in a statement that it, along with Italy's development ministry and export credit agency SACE, had signed a memorandum of understanding during the visit with Iran's economy ministry and its central bank. The aim of the agreement was 'to facilitate future economic and commercial relations between the two countries,' the statement said." (Reuters, "Italian Minister Visits Iran Seeking Better Ties," 8/4/15)

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"In Iran Mediobanca has executed in 1998 a Master Credit Agreement (MCA) with the major eight Iranian banks totalling USD 2 billion to finance Italian capital goods exports to Iran.  Up to 2004 over 30 commerical contracts were financed through such MCA for over $1,200 million." (Italian-Iranian Chamber of Commerce Profile)

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In 2012, Mediobanca's gross exposure included more than £36 million towards Iranian banks. (2012 Annual Report)