August 13, 2018 / 9:37 AM / 5 months ago

REFILE-Taiwan's Mega Int'l Commercial Bank plans to end Taiwan-Iran clearing mechanism after Nov - sources

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TAIPEI, Aug 13 (Reuters) - Taiwan’s Mega International Commercial Bank plans to terminate its payment clearing mechanism between Taiwan and Iran after November in a response to the United States’ sanctions on Iran, three people familiar with the matter said on Monday.

“Our business with Iran is too sensitive, and we should no longer get involved in it,” an official from the bank told Reuters, adding that the bank has informed clients the payment clearing mechanism is likely to be terminated after November.

New U.S. sanctions on Iran have taken effect last week despite pleas from Washington’s allies, with the U.S. President Donald Trump saying companies doing business with Iran will be barred from the U.S. (Reporting by Taipei Newsroom; Editing by Vyas Mohan)

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