Wednesday, May 30, 2007
Iranian bank to open branch in Baghdad
Business
(Press TV) - The Iranian Sepah Bank will soon open a branch in Baghdad, according to the counselor for economic affairs at the Iranian embassy in Iraq. Speaking with IRNA on Saturday, Ali Heydari added that Iraq's Central Bank officials have visited the site and given the go-ahead for executive operations. Referring to earlier reports of opening a branch of Bank Melli Iran (BMI) in Baghdad, Heydari said the bank is expected to officially begin operations by the end of the week.
"Independent foreign banks" is a new concept in war-torn Iraq and the country's Central Bank regulations stipulate that foreign banks should open an account and deposit at least 50 billion Iraqi dinars following an initial agreement. Tejarat, Keshaverzi (Agriculture Bank) and Eqtesad-e Novin are among other Iranian banks that wish to open Iraqi branches. The establishment of Iranian banks in Iraq will open new horizons for further bilateral economic relations. Established in 1925, Sepah Bank is the country's oldest bank. It is currently running three branches in Frankfurt, Paris and Rome.
Labels: Ali Heydari, Baghdad, Eqtesad-e Novin, Iran, Keshaverzi, Sepah Bank, Tejarat
