Swiss bank welcomes Iranian clients

Swiss bank Julius Baer has announced that it will accept clients from Iran, after a number of companies refused to do business with the country.

Many larger companies, such as UBS and Credit Suisse, have been rejecting applications from Iranian clients, as tensions grow between the country and Western governments.

The small bank has defied the current trend for cutting business ties with Iran and revealed that it intends to welcome clients from the Middle Eastern nation who can prove that their funds are legitimate, the BBC reports.

Julian Baer, the largest independent bank for rich investors in Europe, has seen its share price rise this week, despite reporting a dip in profits.

Dismissing the potential risks posed by Iranian investments, Julian Baer head of private banking, Alex Widmer, insisted that clients satisfying regulatory requirements would be welcomed.

Iran has been reported to the United Nations Security Council over its determination to continue with nuclear programmes and sanctions may be imposed if requests by the UN to stop are turned down.

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