UBS has confirmed that it is moving to sever banking ties with Iran, but has denied that the decision is related to the country's recently resumed nuclear programme, or the government's move to relocate its foreign currency reserves from Europe.
Speaking to the European media at the weekend, UBS spokesman Serge Steiner revealed that the decision was taken as a result of the heavy regulatory burden involved in doing business with a country currently receiving such intense scrutiny from the West, and that the process of withdrawal was begun last year.
"It's not a political expression but a review of business opportunities," he explained, according to the International Herald Tribune.
It has also emerged that Credit Suisse, Switzerland's second largest bank, is looking into ending its business relationships in Iran.
"We are closely looking at the developments and we're increasingly worried," a spokesman told Reuters.
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