UBS Banking Firm Boycotts Iran, Syria

Discussion in 'Current Affairs, News and Analysis' started by Not_Whistlin_Dixie, Jan 22, 2006.

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  1. This might possibly tie in to the story about the Iranian Central Bank (maybe or maybe not) withdrawing its foreign exchange reserves from European financial institutions.
    http://www.arrse.co.uk/cpgn2/Forums/viewtopic/t=30316.html

    From the Associated Press.

    Swiss banking giant UBS AG said Sunday it has stopped doing business with Iran because of the company's economic and risk analysis of the situation in the country.
    UBS will no longer deal with individuals, companies or state institutions such as Iran's central bank, said company spokesman Serge Steiner. 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, Steiner said, confirming an article in Swiss weekly SonntagsZeitung.


    "UBS Cancels All Business With Iran, Syria" 22 January 2006
    http://biz.yahoo.com/ap/060122/switzerland_ubs_iran.html?.v=2
     
  2. Which religious community will Iran and Syria inevitably blame being boycotted by a giant Swiss bank on? Four letters..any guesses..
     
  3. I don't know EFPP,

    The Swiss banks record in honouring debts to 4 letter religions isn't exactly outstanding. Probably why Iran had it's money in their vaults in the first place.