"Swiss bank UBS is cutting ties with all of its customers in Iran because of 'high compliance costs', a spokesman said on Sunday, adding that the decision was not driven by political motives. "We started to exit customer relationships with counterparties in Iran in autumn last year," UBS spokesman Serge Steiner said. "This holds true for all our business units and for all UBS's regions around the world."

See: Reuters article (2006-01)