Melli Bank London Joins Target 2

Bank Melli Iran’s subsidiary in UK, Melli Bank Plc., has recently connected to Target 2, the European interbank payment network, said director of BMI’s Department for International and Foreign Exchange Affairs on Tuesday. “As a result, the bank is now able to offer services in euro to lenders in Iran,” Gholamreza Panahi was also quoted as saying by BMI’s website. Target 2 is an interbank payment system for the real-time processing of cross-border transfers throughout the European Union. BMI’s Hamburg branch is already linked to Target 2 interbank payment system. Persia International Bank and Bank Sepah’s branch in Frankfurt are the other two Iranian lenders in the European Union to have been connected to Target 2 after the lifting of western sanctions against Iran in January.