[FREE IRAN Project] In The Spirit Of Cyrus The Great

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----- Original Message -----
From: Ramin Etebar, MD
To: Ramin Etebar, MD
Sent: Tuesday, January 24, 2006 2:20 AM
Subject: Another Kiss of Death-Credit Suisse shuts door to clients from Iran

Credit Suisse shuts door to clients from Iran


swissinfo
January 23, 2006 10:01 PM

A new logo but no new clients from Iran and Syria (Keystone Archive)
Credit Suisse, Switzerland's second largest bank, says it will not be
entering into any new business with clients in Iran and Syria.
The announcement comes just a day after its rival, UBS, announced it was severing ties with all clients in Iran.
Credit Suisse said on Monday that it would not be taking on any more new business in the countries concerned, but current ties to clients would be continued.

The step, which also applies to clients from North Korea, was taken because of the geopolitical situation and as a result of internal risk assessment, a spokesman said.

On Sunday Credit Suisse said it was watching the situation in Iran closely but argued it could not terminate relationships at short notice.

Tehran faces referral to the United Nations Security Council for possible sanctions after failing to convince the world that its nuclear programme is peaceful.

Iran, Syria and North Korea have been tagged as rogue nations by the United States ? a major market for Switzerland's two biggest banks.
Severing ties
On Sunday, UBS - the world's sixth largest bank - said existing ties with all its Iranian clients would be cut because the business was unattractive.

The announcements are seen as a radical departure from the previous public relations strategy of Switzerland's leading commercial banks.

In the past they refused to disclose any information on business relations with clients from Syria.

Iranian clients hold SFr1.4 billion ($1.1 billion) in assets in Swiss banks, according to data from the Swiss National Bank, while Syrian deposits account for SFr8.6 billion.

Switzerland is the world's largest centre for off-shore wealth and is considered a safe haven for clients from countries where political or regulatory instability bars them from putting their money into a local bank.

The US has imposed financial sanctions on Syria, but there are no international regulations banning financial dealings.

However, under due diligence rules Swiss banks have to check the identity of their clients.

swissinfo with agencies
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URL of this story

http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=6406554



Related Sites

Credit Suisse: http://www.creditsuisse.com/

Credit Suisse share price: http://www.swx.com/market/shares/quotes/swiss/quote_chart_en.html?id=CH0012138530CHF1

UBS: http://www.ubs.com/1/e/index.html

UBS share price: http://www.swx.com/market/quote_chart_en.html?id=CH0012032030CHF1

UBS Cancels All Banking Business With Iran

Associated Press/Forbs

01.22.2006

http://www.forbes.com/business/businesstech/feeds/ap/2006/01/22/ap2466839.html

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.

"It is a carefully prepared measure that has been under consideration since last fall," Steiner said.

Iran, under increasing international pressure over its nuclear program - and mindful of the freezing of its U.S. assets after the 1979 seizure of the American Embassy in Tehran - has already begun transferring its reserves from European banks to an undisclosed location.

Steiner declined to specify the volume of business affected by the bank's decision.

UBS quits Iran

January 22, 2006

Swiss Info

http://www.swissinfo.org/sen/swissinfo.html?siteSect=106&sid=6402708&cKey=1137927025000

Switzerland's largest bank, UBS, has confirmed that it is ceasing all operations in Iran.
UBS corroborated the report in the German-language newspaper, SonntagsZeitung, stressing, however, that the decision's implementation had already begun in autumn 2005.

All existing business with Iranian customers ? barring those in exile ? would be wound down, although it was unclear how long this process would take.

Company spokesman Serge Steiner added that the measure was a result of an internal risk assessment, which took into account that Iran was tagged as one of the countries belonging to the so-called axis of evil.

In the end, it was also a question of revenue and expense, said Steiner, and that the burden of regulatory compliance in countries like Iran was simply too heavy.

However, he insisted that it had nothing to do with the current crisis that has erupted over Iran's recent resumption of its nuclear programme in the face of international opposition.
Others
Switzerland's second largest bank, Credit Suisse, admitted that it too was watching the situation in Iran very closely.

Meanwhile, Iran has denied that it is shifting foreign reserves out of Europe in a pre-emptive move ahead of possible United-Nations sanctions over its nuclear programme.

The UN's International Atomic Energy Agency is due to meet in February to discuss whether Teheran should be referred to the UN Security Council.

The latter has the power to impose international sanctions
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