The Industrial and Commercial Bank of China (ICBC) is to help Iran finance and treasury operations, Hussein Yaqoubi, Central Bank of Iran’s deputy for international affairs said on Monday. Bank Muscat is also ready to issue letters of credit for Iran up to $200-$250 million, FNA reported. The official said that CBI has prepared grounds for enhancing foreign exchange transactions with the Sultanate of Oman. Iran has always abided by international regulations, he said, but added that it would not be logical to expect the CBI to reconstruct its banking relations overnight. ICBC is a Chinese multinational banking company, and the largest bank in the world by total assets. Bank Muscat is a leading financial services provider in neighboring Oman with assets worth over $27 billion.
