UniCredit: to pay 1.3 billion dollars over US sanctions

(CercleFinance.com) - Italian banking giant UniCredit has agreed to pay penalties totaling approximately 1.
3 billion dollars as part of a settlement with US and New York authorities resolving claims that it has violated US economic sanctions.

UniCredit said it has agreed to plead guilty in court for violations of economic sanctions against certain countries, including Iran, for which it will pay approximately 633 million dollars.

As part of its settlement with the New York State Department of Financial Services and with the Federal Reserve, UniCredit will pay joint civil monetary penalty of approximately 157.8 million dollars and 405 million dollars.

As part of separate agreement with the Office of Foreign Assets Control of the US Treasury Department, the Italian bank will pay a civil monetary penalty of approximately 105.9 million dollars.

Yet, the final settlement amount will lead to a release of provisions, with a positive after-tax impact of approximately 300 million euros in first quarter results, UniCredit said.

Its shares were up 1.2% in Milan this morning.

Copyright (c) 2019 CercleFinance.com. All rights reserved.