(Persia Digest) – A private Iranian bank has recently received permit to set up seven branches in Iraq and has increased its capital to USD 50MM. It has already opened two branches in Iraq.
Parsian Bank CEO, Kourosh Parvizian, said: “Limited conditions permitting, we intend to open another five branches in the near future.”
He reiterated: “We have increased the capital for both the bank and its branches to cover higher risks; although we are already transferring higher risks from the branches to our central office.”
He also announced the bank’s readiness to combine banking resources with associate and partner banks to set up a funding consortium for the export of technical and engineering services to Iraq.
Parvizian explained, however, despite the favourable agreements, the structure of the Iraqi banking system has been in agreement with the great powers since the US invasion, and we must also act in ways that are in line with its restrictions.
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