Iranian bank's Dubai branch assets frozen

The assets of the Dubai branch of Persia International Bank plc (PIB) have been frozen along with the bank’s global assets, according to an investor alert on the Dubai Financial Services Authority’s (DFSA) website.
 
PIB’s Dubai branch is a DFSA-authorised firm. The freeze follows a recent action by the European Union concerning restrictive measures against Iran.

According to annexure of the EU regulation, Bank Mellat, the state-owned Iranian bank that owns 60 per cent of PIB, “engages in a pattern of conduct which supports and facilitates Iran’s nuclear and ballistic missile programmes.”
 
PIB, which carries a UK headquarters address in EU annexures, has been included in the list as a as a consequence of being a subsidiary of Bank Mellat.

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