Santander, Lloyds shares fall on report Iran used banks to evade sanctions
By Steve Goldstein
Shares of Banco Santander and Lloyds Banking Group dropped after a report that Iran used the two banks to evade sanctions.
Santander shares (ES:SAN) (SAN) skidded 5%, and was the worst performing Stoxx 600 stock in early trade. Lloyds (UK:LLOY) (LYG) fell 1%.
The Financial Times, citing documents it's seen, said Lloyds and the U.K. arm of Spain's Santander provided accounts to what it said were front companies secretly owned by the Iran-state controlled Petrochemical Commercial Company. PCC and its U.K. arm have been under U.S. sanctions since 2018.
The report quoted a person familiar with Santander as saying the bank closed one of the accounts in question. Both Santander and Lloyds said they can't comment on individual customers.
-Steve Goldstein
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02-05-24 0428ET
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