Banque de Commerce et de Placements SA has halted all new transactions with Iran and is in the process of winding down its operations in the Middle Eastern country, Reuters reported May 29, citing an emailed statement from the Swiss lender.
The move comes after the U.S. pulled out of the controversial nuclear deal with Iran on May 8.
German insurer Allianz Group is also developing plans to wind down its operations in the country following the U.S. action.
