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Allianz planning to wind down Iran-related ops

Allianz Group is developing plans to wind down its Iran-related business because of potential U.S. sanctions on the country, a spokesman told Reuters on May 15.

The spokesman said the German insurer is analyzing its portfolio to "ensure appropriate termination within the defined periods." The Iranian business is "totally minimal" and Allianz is also "waiting for and will consider any guidance that the EU and the German government may provide," the spokesman added.

The announcement came the same day the U.S. Treasury Department imposed sanctions on Valiollah Seif, Iran's central bank governor, and another senior official for alleged terrorist financing. The department also sanctioned Iraq-based Al-Bilad Islamic Bank and its chairman and chief executive, Aras Habib, in relation to the allegations.