German banks want to retain their interests in Iran

Forbes:

German banks want to retain their interests in Iran for the time being, unlike Swiss peers UBS AG and Credit Suisse Group, which have both announced the halting of activities there, the daily Handelsblatt reported, citing sources in the finance industry. READ MORE

This weekend, UBS banking group said it ceased business activities with Iran earlier this month, because of growing tensions over Tehran's nuclear program.

The bank's decision was essentially an economic one based on a reevaluation of the markets, UBS spokesman Serge Steiner told the Swiss news agency ATS.

Credit Suisse has also announced that it will not create ties to new customers in Iran and Syria.

German banks Deutsche Bank AG, Commerzbank AG, Allianz AG's Dresdner Bank AG nor HVB Group AG would comment on the report to the newspaper.

ragnhild.kjetland@afxnews.com