Monday, January 23, 2006

Swiss Banks stops dealings with Syria and Iran

News agencies and newspapers reported today that Union de Banques Suisses (UBS) stopped all its transactions with companies and individuals from Syria and Iran.(Credit Suisse followed UBS and probably other Western banks will also soon).
One of the largest banks in the world, UBS said yesterday that it has stopped doing business with Iran and very soon with Syria to.

UBS will no longer deal with individuals, companies or state institutions from Iran. A similar policy is also being implemented in the case of Syria, he said.
All existing business with customers in Iran will be canceled, but Iranians in exile are not affected by the decision,

Iran has an estimated $50 billion in European banks and the Islamic Republic’s Central Bank governor said on Saturday that it will move its reserves quickly if it deems it necessary to do so.
UBS holds around $200 billion of assets from the region, especially from Gulf countries, according to a London-based wealth manager.


Blogger Abou Fehmi said...

Don't worry. The lebanese banks (Audi, Blom, ...) are always there to provide the service for a fee. Like you know who? I guess you call it in Beirut S_a_m_t_ . You're Lebanese, you must be good at scrable, No?

Brrrr... Miao
Abou Fehmi.

23 January, 2006 18:36  

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