German-Iran Financing5 Jun 2018 16:12
“Six credit unions in southern Germany are still processing payments to Iran despite Washington’s withdrawal from the 2015 nuclear deal between Tehran and world powers and its impending new sanctions on Iran, a report said.
While Germany’s big banks are avoiding Iran-related deals for fear of US reprisals, six credit unions, or Volksbanken, from southern Germany appear unafraid and are continuing to provide trade finance, according to the report carried by the Handelsblatt, a leading German-language business newspaper” + “But companies are still drawn to Iran’s promising market. Eighteen months ago, the six credit unions were helping 800 German firms to do business there. Melfi refused to reveal how many customers they still have, but she said they had received many inquiries from companies including several blue chips“ + “Melfi said her network could continue to settle transactions, even if the interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, were to stop transferring money to and from Iran.
“We could maintain payments even without SWIFT and with the help of the Bundesbank,” she said, referring to the German central bank.” http://www.iran-bn.com/2018/06/02/german-credit-unions-stand-by-iran/