Economy, Business And Markets

BMI Promoting Banking Docket in Moscow

BMI Promoting Banking Docket in Moscow BMI Promoting Banking Docket in Moscow

Expanding banking ties with Russia is a key factor in implementing the bilateral trade and economic agenda, Abdolnaser Hemmati, CEO of Bank Melli Iran said at the weekend.

Hemmati who was in Moscow for a meeting with Russia’s VTB bank officials, said the two countries’ officials are determined to expand economic ties. He called on lenders on both sides “to seize the opportunity to expand joint economic and banking ventures and try to promote two-way financial and trade transactions,” he was quoted as saying by IRNA.

BMI has paid special attention to banking relations with Russia for years and established the Mir Business Bank in Moscow which plays a vital role in the cooperation between the two countries’ banks, according to Hemmati.

 “Bank Melli is willing and able to revamp correspondent banking relations with Russia providing banking services to facilitate trade between the two countries including opening LCs, issuing guarantees, opening short and long-term credit lines.”

Vasily Titov, First Deputy President and Chairman of VTB management board, congratulated Iran on the lifting of the “unfair sanctions” saying that the new era offers another opportunity for reviving strong banking relations.

“VTB is ready to collaborate with Bank Melli on the highest levels and will revive correspondent banking relations with it and open an account for Mir Business Bank as Bank Melli’s subsidiary, according to Titov.  

“VTB has also considered receiving and issuing letters of credit and foreign currency guarantees and joint cooperation in financing Iranian projects.”