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Three Iranian banks to open branches in Germany

Three Iranian banks to open branches in Germany
ID : N-1685 Date : 2018/04/29 - 14:37

(Persia Digest) – The Iranian Ambassador in Turkey has announced that the Iranian Middle East, Saman, and Sina banks will be opening branches in Germany to facilitate trade between Iran and its foreign partners, especially Europeans.

Ali Majedi added: “Plans have been made for the Middle East Bank to open a branch in Munich and Saman Bank in Frankfurt; but Sina Bank has not designated its intended location yet.

He reminded: “Following the signature of the JCPOA, the branches of Melli Bank in Hamburg and Sepah Bank in Frankfurt have become active in trade and forex operations. Iran-Europe Commercial Bank (IECB) is also active in the same fields.

Majedi put the level of trade between Iran and Germany at USD 3.4BN in 2017, and said: “We have witnessed a 12.5 percent growth over the first two months of 2018 in trade between the two countries as compared to a similar period last year.”

German Ambassador to Iran, Michael Klor-Berchtold, also announced: “Iranian exports to Europe following the JCPOA agreement have increased by tenfold. In return, European exports to Iran have also grown by over 60 percent after reaching the 2015 JCPOA nuclear agreement with Iran.”

Speaking on the second day of the Banking and Businesses Forum Iran Europe, he stressed: “The full integration of Iran into the global economy requires the improvement of Tehran’s position in the Special Financial Action Task Force (FATF) as the decision-making authority in the field of combating money laundering and financing of terrorism. If this happens, Iran will feel more of the JCPOA benefits.”

He called for more transparent standards to be observed in Iranian banks to attract more investors.

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