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Tuesday 16 April 2019

UniCredit Agreement with the US on Iran: $1.3 bln

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MILAN (ANSA) — The Italian bank UniCredit announced yesterday that it had concluded transactions with the federal courts of the United States and New York State concerning the economic sanctions imposed by Washington on several countries, including Iran, between 2002 and 2012.

The total amount of the various transactions, which include a guilty plea, amounts to $1.3 bln, or just over €1.1 bln.

This amount is “fully covered” by the provisions set up previously, says UniCredit, and will even lead to a reversal of provisions on the 1st quarter 2019 accounts, with a positive impact of around €300 mln.

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