trending Market Intelligence /marketintelligence/en/news-insights/trending/4xY0nQuZBJt75kFMZRb_Qg2 content esgSubNav
In This List

Union de Banques Arabes et Françaises under US sanctions probe

Blog

Banking Essentials Newsletter: October Edition

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge


Union de Banques Arabes et Françaises under US sanctions probe

Union de Banques Arabes et Françaises SA, which is 47% owned by Credit Agricole Corporate & Investment Bank, is under investigation in the U.S. over oil sales by countries under embargo, L'Agefi reported Dec. 29.

Citing satirical newspaper Le Canard Enchaîné, L'Agefi said the U.S. Office of Foreign Assets Control had obtained evidence of bank transfers regarding oil sales by Iran, Libya and Syria issued by a Hong Kong-based subsidiary of Union de Banques Arabes et Françaises between May 2009 and May 2014. L'Agefi cited its own source as saying that an investigation was underway, but the outcome was uncertain.

Crédit Agricole CIB is the investment banking subsidiary of Crédit Agricole SA.

In October 2015, Crédit Agricole SA and Crédit Agricole CIB agreed to pay U.S. authorities $787.3 million in a settlement over violations of U.S. sanctions between 2003 and 2008.