Economics
UniCredit Iran Probe for Amounts ’Far Lower’ Than Peers
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The U.S. investigation of UniCredit SpA on suspicions it violated economic sanctions with Iran involves far fewer transactions than those that surfaced in probes of other banks, Chief Executive Officer Federico Ghizzoni said.
Italy’s biggest bank is one of several European financial institutions bracing for the outcome of investigations for alleged sanctions-busting after France’s BNP Paribas SA was fined a record $8.97 billion in June for dealing with blacklisted countries. French lenders Credit Agricole SA and Societe Generale SA and Germany’s Deutsche Bank AG and Commerzbank AG are also under scrutiny from state and federal authorities including the U.S. Department of Justice.