British Arab Commercial Bank and Karafarin Bank in a meeting in Tehran agreed to prepare the grounds for starting correspondent relations, as well as treasury operations and currency exchange. Paul Hartwell, BACB chief executive, said that Karafarin would be a reliable partner for his bank, Karafarin’s website reported on Saturday. London-based BCAB, established in 1974 as a subsidiary of HSBC, provides trade finance and treasury services to Africa and the Middle East. Karafarin Bank (Entrepreneur Bank), established in 2001, is a private lender.
