WORLD ECONOMY

Swiss bank BCP says halts all new business with Iran

Reuters Agency

Swiss lender Banque de Commerce et de Placements (BCP) has suspended new transactions with Iran and is winding down Iran-related activities after U.S. President Donald Trump pulled out of the nuclear deal with Tehran, the bank said on Tuesday.

BCP, founded in 1963, has been among the players active in Iran-related trade finance in commodities, finance sources say.

Trump's withdrawal from the accord on May 8 was announced in tandem with the re-imposition of U.S. sanctions within 180 days, prompting several European companies to announce their exit from Iran.

"We have suspended any new transaction related to Iran after May 8, 2018 and started the 'wind down period' within the framework of OFAC announcement," BCP said in a emailed statement to Reuters, referring to the U.S. Treasury's sanctions enforcement arm.

Geneva-headquartered BCP said following the U.S. decision to withdraw from the nuclear deal, the bank complied with all sanctions in force "and conducts its business accordingly".

Earlier this month Germany's No.2 lender DZ Bank said it would halt financial transactions with Iran in July.

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