Friday, September 7

UniCredit probed unit HVB on Iran sanctions

US authorities investigate UniCredit German unit HVB as part of a global crackdown on possible violations of sanctions on the Iran, which already has cost a hefty settlement Standard Chartered.

In a statement by e-Mail on Sunday, UniCredit said the New York County District Attorney Office, the U.S. Department of Justice and the U.S. Treasury Department Office of foreign assets control led the investigation.

The Bank was a response to an earlier report in the financial times.

The statement of a particular country not mentioned but a person familiar the situation said the investigation of possible infringements of Iran sanctions involved.

UniCredit said that HVB is a more comprehensive review the historical compliance with U.S. economic sanctions on its own initiative conducting. HVB turned down an opinion on the statement.

"The investigation and evaluation are underway, and further comment at this time it would be inappropriate," UniCredit said.

US authorities have investigated a number of banks to move allegedly billions of dollars in Iran-linked transactions.

British Bank Standard Chartered reaches settlement $340 million this month, after the New York Department of financial services, it charged $250 billion in Iran to hide transactions.

US authorities investigate separately, Royal Bank of Scotland and Commerzbank, Germany's second largest lender.

Commerzbank warned last week that it faced to settle a financial hit could exceed the U.S. spacecraft to violations of sanctions against Iran and others, the provisions.

UniCredit mentioned the U.S. probe in a 463-page brochure for a capital increase in January and his following financial gain.

The documents mentioned but neither HVB, the German bank UniCredit in 2005 acquired or Iran. These details were first reported by the financial times on Sunday.

"It is not possible at this time to the output of the current investigation, including the timing and potential financial implications which it may have on the operating results of the company in each future financial", UniCredit said in its half-year figures on August 3.

Copyright 2011 Thomson Reuters.

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