Middle East Economic Survey


No 35



Dresdner Bank Winds Down Business In Iran

Germanys Dresdner Bank has decided to wind down its remaining business in Iran, a spokesman for the bank said on 21 August, noting that the administrative costs of doing business there had become too high. The bank, part of the German insurer Allianz, has been scaling back its activity in Iran for months as the sanctions imposed by the UN Security Council over the nuclear impasse have begun to...