FRANKFURT (MarketWatch) — Deutsche Bank AG is exiting Iran due to the numerous requirements by German and international government agencies for which the costs exceed the return, a bank spokeswoman said over the weekend.
She said accounts belonging to Iranians who live in Iran will be affected by the bank’s withdrawal from the country, but the accounts of those living abroad won’t be.
The spokeswoman declined to comment on a report in weekly magazine Der Spiegel Sunday that said the bank’s exit from Iran is due to pressure from the U.S. government and that the bank will also stop the euro-denominated settlement business with Iran.
