BREAKING NEWS

Dubai's Noor Islamic ended business with Iran banks

By REUTERS

FEBRUARY 29, 2012 11:30

DUBAI - Dubai's Noor Islamic Bank ended business relationships with Iranian banks in December last year as a preemptive action in relation to US sanctions, Noor said in an email on Wednesday.

"When we became aware, in December 2011, that unilateral U.S. sanctions were to be applied against a number of Iranian banks we took preemptive action to end our business relationships with Iranian banks licensed in the UAE," the email said.

Earlier, sources said that government-owned Noor Islamic Bank had been forced by the United States to cut off its banking business with Iran as part of wider US efforts to pressure Tehran over its nuclear program, confirming a Wall Street Journal report.

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