Financial Services

Lists a Tehran, Iran office on its company website.

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Germela agreed to partner with the Marktchancen Iran conference (the “Conference”) in Frankfurt on November 28-29, 2016. (Marktchancen Iran Website, “Home”).

Reuters reported that RSA “would evaluate potential opportunities in the [Iran].”  (Reuters, “Global insurers plot cautious course to Iran,” 1/24/2016). 

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RSA was “eagerly looking at Iran for business opportunities.  (Insurance Asia News, “Global firms look to Iran for opportunities,” 1/26/2016).  

In April 2014, CNA was subpoenaed by the New York Department of Financial Services (“NYDFS”) “as part of a probe of potential sanctions violations involving Iran … demanding information related to their dealings with Swiss-based commodities giant Glencore Xstrata and its Iranian metals trade.” (Reuters, “New York regulator subpoenas four insurers in Iran sanctions probe-source,” 4/9/2014). In response, a CNA spokesman emailed, “[w]e have been cooperating with the department’s investigation…. CNA has a very robust compliance program and we are confident that we followed the law.” (Bloomberg, “N.Y. Said to Subpoena Four U.S. Insurers in Iran Probe,” 4/8/2014).

"The CEO of the international advisory firm Roedl & Partner from Germany–who has just opened his Tehran office–said that after the lifting of sanctions, a more clear image of Iran is being presented and the world is getting a better understanding of Iranian realities... 'Roedl & Partner will help facilitate the entry of German and European companies into the Iranian market,' he said." (Financial Tribune, "German CEO Optimistic About Iran Prospects," 1/24/2017).

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Established a corporate finance team in Tehran, collaborating with local partners.

The German partner of Baker & Mackenzie International has agreed to attend the Marktchancen Iran conference (the “Conference”) in Frankfurt on November 28-29, 2016.

DMT GmbH & CO. KG (“DMT”) was listed as an exhibitor at the Internationale Ausstellung für Metallbearbeitung (International Exhibition for Metalworking Companies; “AMB Iran 2017”), which took place on May 23-26 in Tehran, Iran. (Iran METAFO, “List of Exhibitors”):

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“Iran’s government recently engaged German firm DMT GmbH to advise them how to move the mine towards production, and a recommendation from the consultant is expected this fall.”  (Aluminium Insider, “Iran Seeks US$10 Billion to Revive Domestic Aluminium Industry,” 5/16/2016).  

ERGO International AG (“ERGO”) participated in the February 20, 2017 Vereinigung der Bayerischen Wirtschaft e. V. (“vbw”) meeting with Iranian Foreign Minister Dr. Mohammed Javad Zarif and Ambassador S. E. Ali Majedi. Prospective engagement with the vbw Economic Liaison Office in Tehran, where the Tehran Chamber will serve as a local partner. Troublingly, the Tehran Chamber is affiliated with the Iran Development and Renovation Organisation (“IDRO”). (vbw Website, “Round Table mit dem iranischen Außenminister Dr. Zarif”).

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A senior official from Germany’s Ergo International Insurance Company voiced the interest of his company in entering the Iranian insurance industry. Alexander Ankel made the remarks on the sidelines at the 23rd National and 9th International Conference on Insurance and Development which started work here on Saturday. He told IRNA that Iran is a newly-emerging market in the insurance industry. (IRNA, "Official: "German insurance company interested in Iranian insurance industry," 12/14/2016

According to an interview published in the International Accounting Bulletin in 2016, BDO has held talks with Iranian audit firms to discuss the possibility of entering the market.  In the interview, Abbas Vafadar, senior partner and managing director of the Iranian audit firm, Azmoon Pardaz Iran Mashhood, stated, “I believe that BDO has a more suita­ble structure for conducting business in Iran [compared to the “Big Four” accounting firms].”  Mr. Vafadar added, “BDO has also had talks with Iranian audit firms.”  (Id.). 

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BDO’s consulting division lists Iran as one of the countries in which it provides services.  (BDO Website, “BDO LLP”).

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"BDO had not engaged with the Iranian market for more than 35 years. BDO has held talks with Iranian audit firms to discuss the possibility of entering the market. In the interview, Abbas Vafadar, senior partner and managing director of the Iranian audit firm, Azmoon Pardaz Iran Mashhood, stated, 'I believe that BDO has a more suitable structure for conducting business in Iran [compared to the “Big Four” accounting firms].' Mr. Vafadar added, 'BDO has also had talks with Iranian audit firms.'" (International Accounting Bulletin, “The end of Iran’s isolation,” April 2016).

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BDO’s consulting division lists Iran as one of the countries in which it provides services. (BDO Website, “BDO LLP”).

"Hemmati also held talks with Munir Kabban, president of UIB Group, an international insurance and reinsurance company headquartered in London. He acknowledged the firm's efforts in training Iranian insurance experts." (Financial Tribune, "Lloyd's of London Eying Iran Insurance Opportunities," 11/21/2016).

"French reinsurer SCOR SE said on Friday it will not sign new contracts in Iran or renew existing deals because of U.S. sanctions against the country…" (July 13, 2018).

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"The Central Insurance of Iran, the industry’s regulating body and its largest reinsurer, announced on Thursday it has reached a much-anticipated agreement with France’s SCOR SE, based on which the major reinsurer will cover catastrophe excess of loss reinsurance for Iran." (October 2, 2017).

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"The insurance regulator chief also met with Victor Peignet, chief executive of the French insurer [SCOR] in London on Friday. “[SCOR] was a leading reinsurer covering major risks for Iran, including risks in petroleum and petrochemical industries,” Hemmati said... Peignet said his company is willing to start collaboration with Iran, in line with comments by the Paris government to partner with Tehran in key industries. “We are ready to start collaboration, as the leader reinsurer, in accordance with the CII framework,” he said and added that [SCOR] is ready to hold training courses for Iranian insurance managers over risk management and pricing policies. Hemmati also held talks with Munir Kabban, president of UIB Group, an international insurance and reinsurance company headquartered in London. He acknowledged the firm's efforts in training Iranian insurance experts." (Financial Tribune,  "Lloy'ds of London Eying Iran Insurance Opportunities," 11/21/2016).

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Central Insurance of IR Iran reported: "Dr. Hemmati, the President of Bimeh Markazi Iran (Central Insurance of IR Iran), had bilateral discussion on insurance with Victor Peignet, Chief Executive Officer of SCOR Global P&C SE, on Friday, 18 November 2016. Victor Peignet voiced his enthusiasm for developing business and partnership in large-scale economic projects in Iran along with training courses and workshops in wide variety of subjects such as catastrophe risks, pricing methods for insurance products, and energy insurance, all intended for the specialist and managerial positions." (Central Insurance of IR Iran, “President Hemmati Visits SCOR,” 11/18/2016).