POST Online Media Lite Edition


Victory for U.S.: Second largest German bank to suspend all transactions with Iran

Staff Writer |
Germany's second largest lender DZ Bank announced that it will suspend all financial transactions with Iran starting from July 1, as U.S. exit from the Iran nuclear deal clouded over all businesses with the Middle East country.

Article continues below

"We will completely suspend our foreign payment transactions related to Iran starting July 1," a spokesman for the Frankfurt-based bank said.

DZ Bank is the central institution of Volks-, and Raiffeisenbanken. With more than 1,000 co-operative banks and their 12,000 branch offices, it is the second largest bank by asset in Germany.

It's the first financial institution in Germany which has announced to halt businesses with Iran after U.S. President Donald Trump withdrew from the historical nuclear deal sealed in 2015 and decided to reinstate sanctions against Iran.

Uncertainties among German businesses rose, given that the White House national security advisor John Bolton said "it's possible" that European companies doing business with Iran would be subject to sanctions.

What to read next

Commerzbank sells two real-estate loan portfolios
Punjab National Bank detects $1.77 billion fraudulent transactions
MasterCard removes block on Cuba transactions for U.S.-issued cards