3 Iranian Banks to Open Branches in Munich: German Minister

3 Iranian Banks to Open Branches in Munich: German Minister

TEHRAN (Tasnim) – The Minister for Economic Affairs, Media, Energy and Technology of Germany’s Bavaria State said three Iranian banks plan to open branches in Munich to help boost business ties with German firms.

Ilse Aigner said Middle East Bank, Parsian Bank and Sina Bank have received approval from the Central Bank of Iran (CBI) to set up branches overseas, Muenchner Merkur newspaper reported on Sunday.

"Business ties between Bavarian companies and Iran often fail today because of barriers in the payment process," Aigner told the newspaper.

"That is why having branches of Iranian banks in Munich is particularly important for our businesses. Especially our small- to medium-sized firms have enormous export prospects to Iran that they will be able to utilize more easily in the future."

Aigner told the paper that the Iranian banks would now get professional help for setting up satellite offices in Munich and navigating the approval process.

She cited strong interest in exporting items to Iran from the German engineering, automotive, aerospace, environmental technology, pharmaceutical and medical technology sectors.

International interest in ties with Iran has been growing since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized the comprehensive nuclear deal and started implementing it on January 16.

The agreement, known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.



News ID: 1178524 Service: Economy

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