Bank Muscat has received the regulatory approvals to open a representative office in Iran, Oman's largest lender said in a bourse filing on Tuesday.
"The bank is in the process of registering the representative office and expects it to open later in 2016," Bank Muscat said. On Feb. 25, the bank said it planned to open an office in Iran, Reuters reported.
Bank Muscat appears to be one of the first foreign financial firms to establish a presence in Iran since the international sanctions, imposed over Tehran's nuclear program were lifted in January.
Many international lenders continue to shun dealing with Iranian clients for fear of falling foul of the many other restrictions imposed by the United States that remain in force.
