Deutsche Bank joined the ranks of financial institutions breaking ties with Iran.
The German bank confirmed Tuesday that it will stop doing business with Iran, citing the tougher disclosure requirements introduced by the United Nations and the European Union, as well as efforts by the German government to restrict credit guarantees as reasons for the decision, the Financial Times reports.
Iranian clients were informed July 20 that they had until Sept. 14 to transfer to other institutions. Deutsche Bank will not form any new corporate ties with Iran and will wind down the ties they have until they no longer exist. No negative impact on business is anticipated by the move.
Deutsche Bank’s move reflects the U.S. Treasury warnings to 40 banks across the globe that the Treasury will follow a strict interpretation of restrictions against doing business with Iran.