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Report: BBA to form working group on Iran links

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Report: BBA to form working group on Iran links

The British Bankers'Association will establish a working group to address re-engagement withIran given the ongoing U.S. sanctions against the country, Sky News reportedApril 28.

The decision was reachedduring a BBA board meeting in the week of April 18, industry sources said.

The U.K. government haspushed banks to develop ties with Tehran, ahead of a trade visit in May bySajid Javid, secretary of state for business, innovation and skills, Sky noted.However many members of the BBA, which include U.K.-headquartered andinternational banks, have said they are hesitant to do so because of a historyof heavy fines by the U.S. authorities for sanctions violations.

U.K. Prime Minister DavidCameron in March criticized Barclays Plc for not helping companies looking to dobusiness with Iran after many sanctions on the country were lifted.