Italy's top bank UniCredit SpA and two subsidiaries have agreed to pay $1.3...
- Italy’s top bank UniCredit SpA and two subsidiaries have agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and other countries, U.S. authorities said on Monday.
The resolution ends a six-year investigation that has hung over the bank and follows last week’s $1.1 billion settlement by London-based Standard Chartered Plc with U.S. and British authorities over similar conduct. Another unit, UniCredit Bank Austria AG , entered into non-prosecution agreements with federal and state authorities.
The bank had booked provisions beyond the settlement and, as a result, will have 300 million euros after tax in additional profits in the first quarter. Its Core Tier 1 ratio - an indication of financial strength - will rise by around 8.5 basis points, it said. The bank will report first quarter results on May 9.
The German bank disguised transactions between 2002 and 2011 in part by stripping words like Sudan and Tehran from payment messages to New York financial institutions, the regulator said.
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