US fines Italian lender UniCredit $1.3 billion in sanctions probe

Unicredit’s German subsidiary, UniCredit Bank, agreed to plead guilty in US federal court to sanctions violations involving Iran. (AFP)
Updated 16 April 2019
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US fines Italian lender UniCredit $1.3 billion in sanctions probe

  • UniCredit operates in several European countries
  • Its German subsidiary, UniCredit Bank, agreed to plead guilty in US federal court to sanctions violations involving Iran

MILAN: Italian bank UniCredit will pay $1.3 billion (€1.5 billion) to settle charges by the US government that it violated sanctions against Iran and other countries.
UniCredit, which operates in several European countries, said Tuesday that its German subsidiary, UniCredit Bank, agreed to plead guilty in US federal court to sanctions violations involving Iran.
A US Depart of Treasury statement said the fine resolves an investigation by its foreign assets control office into violations of US sanctions, including related to the proliferation of weapons of mass destruction.
It cited the processing of over $500 million in payments in 2,000 operations from 2007 to 2011, a period during which UniCredit operated a US-dollar account for the Iranian state-owned shipping company.
UniCredit said it had booked provisions beyond the settlement.


Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

Updated 19 June 2019
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Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

  • British Airways owner IAG signs letter of intent to buy 200 of its 737 MAX jets
  • Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes

PARIS: Airbus, reeling from the potential loss of a major customer for its best-selling A320neo as British Airways owner IAG placed a lifeline order for the grounded 737 MAX, prepared to hit back with more orders for its A321XLR on Wednesday.
The planemaker has been negotiating with US airlines investor Bill Franke whose Indigo Partners has also been known to place orders for multiple airlines within its portfolio and could reel it in for the Paris Air Show, industry sources said.
Airbus declined to comment.
After weathering intense scrutiny over safety and its public image, Boeing won a vote of confidence on Tuesday as IAG signed a letter of intent to buy 200 of its 737 MAX jets that have been grounded since March after two deadly crashes.
The surprise order lifted the energy of a previously subdued Paris Airshow, where the talk had been of the possible end of the aerospace cycle, given the issues at both Boeing and Airbus as well as geopolitical and trade tensions around the world.
Australia’s Qantas Airways said on Tuesday it would order 10 Airbus new A321XLR jets and convert a further 26 from existing orders already on the Airbus books.
Airbus is also in talks with leasing company GECAS and has been trying to secure an eye-catching order for the A321XLR from American Airlines, though the world’s largest carrier does not typically make announcements at air shows.
Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes.