Economy, Business And Markets

Italian Banks Get Ready for New Age

Italian Banks Get Ready for New Age  Italian Banks Get Ready for New Age

Italian banks will give momentum to the process of renewing relations with their Iranian peers, Guido Rosa, director of Italian Banking Association’s committee for international affairs said in a meeting with Valiollah seif, governor of the Central Bank of Iran.

 “We are happy at the lifting of sanctions on Iran’s banking and financial sectors and hope to revitalize ties between Iranian and European financial and credit institutions,” he was quoted as saying by IRNA.

Seif pointed to the lifting of sanctions imposed on Iran’s banking sector and said “a new chapter has opened in Iran-Italy banking relations following the end of the restrictions. He thanked the Italian association for taking measures to help relink Iranian and Italian lenders.

Seif was accompanying President Hassan Rouhani on his trip to Italy. The high-profile business-economic presidential team arrived in Paris on Wednesday for a two-day visit to sign multi-billion-dollar agreements with French firms.

The representatives of the Italian association visited Tehran in November to discuss the prospects of reviving two-way ties in the post-sanction era.  

Seif also held meetings with officials from Italy’s Banca UBAE and Mediobanca and exchange views on correspondent banking relations and collaboration in relevant fields.  

Hossein Yaqoubi, CBI’s managing director for international affairs conferred with Italy’s state-owned SACE insurance company to discuss finance from the company for domestic projects in Iran.

  Swedish Ties

In Tehran, Swedish Ambassador Peter Tejler said in a meeting with Masoud Khansari, head of Tehran Chamber of Commerce that Swedish banks are ready to finance Iran’s industrial projects.

“Swedish companies are willing to cooperate with their Iranian peers,” he said, stressing the important role of the chambers of commerce in the two countries in accelerating cooperation.

Tejler said the lifting of banking sanctions on Iran has solved problems related to transferring money between the two countries. He emphasized the importance of the need to quickly settle the trade disputes between companies in the two countries.  The diplomat did not specify the nature of the disputes or the amount involved.

Khansari said the two countries’ economic cooperation had undergone more than its fair share of ups and downs in recent years due to the sanctions. He pointed to the presence of Swedish famous brands like Scania and Volvo in Iran saying “implementation of the nuclear deal can pave the way for expanding business ties.”

“Iran’s priority is to attract foreign investment in the post sanctions period, therefore imports is of a lesser priority in our foreign trade,” he said. The presence of Swedish companies in Iran will be sustainable if it is accompanied by financing domestic projects, he told the senior envoy.