23823
Iranian Lenders Eying Business in Iraq
Economy, Business And Markets

Iranian Lenders Eying Business in Iraq

In a move to boost bilateral ties between Iran and Iraq, a delegation headed by the CEOs of two Iranian banks traveled to Iraq on Tuesday.
CEO of Keshavarzi Bank Morteza Shahidzadeh was joined by    Hassan Motamedi, CEO of Eghtesad Novin Bank, on a high-level mission to the neighboring country.
According to a statement released on Keshavarzi Bank’s website, the bank’s CEO is in Iraq to invest in Islamic Cooperation Bank for Investment.
“Shahidzadeh has traveled to Iraq for executing policies for promoting economic growth in a post-sanctions era by exploring banking cooperation opportunities and eying investment potential in a local cooperative Islamic bank,” the statement read.
According to the bank’s public relations department, the trip by Shahidzadeh marks a “revival” of banking ties between the two neighboring states.
Keshavarzi Bank had sought to open branches in Iraq in 2005 and succeeded in obtaining the Central Bank of Iran’s approval for the initiative. The bank’s delegation will follow up on that decision during their current visit, the bank’s website reported.
Iraqi Islamic Cooperation Bank for Investment has played a significant role in facilitating bilateral trade.  The two nations trade $1.5 billion worth of goods per annum. The Baghdad-based lender has 11 branches throughout Iraq, including branches in the cities of Karbala, Najaf, Sulaymaniyah, Basra and Erbil. The bank’s only branch in Iran–named Milad—operates in the capital Tehran.
Islamic Cooperation Bank currently offers a variety of services for Iranian companies doing business in Iraq, including issuing guarantees on behalf of Iranian banks and providing technical advice about exporting and securing contracts in Iraq.
The cooperation bank aims to diversify its services to include bank wires and foreign exchange at competitive rates for Iranian companies by establishing a secure and competitive brokerage system.

Short URL : http://goo.gl/LyzRUL

You can also read ...

German firms, especially those without business links to the US, want to continue their Iran business.
While Germany’s big banks are studiously avoiding Iran-related...
New Rules Allow  Direct Forex Sale
Businesspeople that have validated their purchase orders are...
Iran is the world’s biggest saffron producer and accounts for more than 90% of the global production.
Iran Mercantile Exchange launched saffron futures trading for...
Banking Amendments Approved
The Money and Credit Council approved the Central Bank of Iran...
Iran Khodro Expanding Presence in Iraqi Market
Iran’s largest carmaker, Iran Khodro, is set to export 6,000...
Uber Plans Taxi-Hailing  in Japan
Uber Technologies plans to launch its first taxi-hailing pilot...
Tesla Admits Model 3 Braking Issue, Promises Fix
Tesla Inc’s Chief Executive Officer Elon Musk admitted on...
Prices have been jacked up by car dealers and some makers by 6-22% only in the past few weeks.
Authorities are set to ratify new car prices for models...

Trending

Googleplus