Iran General NewsDresdner Bank to cease doing business in Iran

Dresdner Bank to cease doing business in Iran


Reuters: Dresdner Bank has decided to wind up its remaining business in Iran, a spokesman for the German bank said on Tuesday. FRANKFURT, Aug 21 (Reuters) – Dresdner Bank has decided to wind up its remaining business in Iran, a spokesman for the German bank said on Tuesday.

“We are winding down our business in, with and to Iran,” the spokesman said, adding that the administrative costs of doing business in Iran had become too high.

Dresdner, part of German insurer Allianz, has been scaling back its activity in Iran for months.

The U.N. Security Council has imposed sanctions on Iran for refusing to suspend a nuclear programme. The United States has also led a crackdown on Iranian trade in dollars, euros and other currencies to put pressure on the country’s leaders.

The Financial Times Deutschland newspaper reported in a story released ahead of publication on Wednesday that Dresdner’s credit lines for business in Iran had been reduced to tens of millions of euros from more than 100 million euros ($134.7 million) in 2006.

Deutsche Bank AG, Germany’s biggest bank, said last month it was closing its retail customer business in Iran.

The country’s second-biggest bank, Commerzbank AG, suspended its U.S. dollar-clearing business in Iran earlier this year.

(Reporting by Jonathan Gould; Reuters Messaging: [email protected]; +49 69 7565 1242)

Latest news

Requirements for a Simple Life in Iran; the Unattainable Dream

It is no exaggeration to say that Iran's economy is in a major freefall. All economic indicators are suggesting...

Sale of Iran’s Historical Items; Is There Anything Left To Sell?

Some of the members of the Iranian regime’s parliament have submitted a plan on the 'optimal use of antiquities...

Iran: Bread Protests Are on Way, Stronger Than Gas Protests

Observers in Iran believe that nationwide protests and uprisings are underway following the Iranian regime’s decision to increase the...

Iran: Tax Pressure on the People and Exemption for the ‘Super Rich’

In a critical situation where most of the Iranian regime’s officials and media outlets are warning its leaders to...

Iran’s Regime and Its Expertise in Reversing the Truth

In order to get an insight into the Iranian regime’s real behavior and culture, you first need to analyze...

Capital Outflow Intensified in Iran

One of the current major crises in Iran’s economy is the capital outflow, which is implemented by the regime’s...

Must read

Iran hangs 27-year-old man

Iran Focus: Tehran, Iran, Nov. 12 – A 27-year...

Iranian leader to visit to Iraq

AP: Iranian President Mahmoud Ahmadinejad will make a historic...

You might also likeRELATED
Recommended to you