Somehow, I missed this story. Huge story in reality.
January 22, 2006
ZURICH, Switzerland (AP) -- Swiss banking giant UBS AG said Sunday it has stopped doing business with Iran because of the company's economic and risk analysis of the situation in the country.
UBS will no longer deal with individuals, companies or state institutions such as Iran's central bank, company spokesman Serge Steiner said. A similar policy is also being implemented in the case of Syria, he said.
All existing business with customers in Iran will be canceled, but Iranians in exile are not affected by the decision, Steiner said, confirming an article in Swiss weekly SonntagsZeitung.
"It is a carefully prepared measure that has been under consideration since last fall," Steiner said.
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http://biz.yahoo.com/ap/060122/switzerland_ubs_iran.html?.v=2