SAIPA, BSI Sign Deal for Producing New Car Models

SAIPA Automotive Group and Bank Saderat Iran have signed a memorandum of cooperation (MOC) in Tehran for producing new car models and increasing employment. 
At a meeting attended by the senior managers of Iran’s largest bank and industrial complex, SAIPA’s CEO Mohammad Ali Teymouri said Bank Saderat Iran is one of the top five banks of Iran and SAIPA needs liquidity to fulfill its export plans and produce new models in the current and next fiscal years, Donyaye Khodro reported. 
“The bank will provide the needed liquidity to SAIPA soon in the form of an MOC,” he added.
Referring to SAIPA’s financial performance, Teymouri said that in the first eight months of the current fiscal year (March 21-Nov. 21), more than 600 trillion rials ($1.65 billion) have been generated through the sale of SAIPA’s vehicles compared with 320 trillion rials ($882.51 million) earned in last year’s corresponding period.