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Korea Banks Prepare for Iran Business
Economy, Business And Markets

Korea Banks Prepare for Iran Business

An official at KB Kookmin Bank said they are negotiating with major banks in Iran in order to be ready, just in case they will be able to do trade with Iranian counterparts using the yen or the euro. “We have also established a new team that will specifically work on the two countries’ trade-related issues,” the official said, Korea JoongAng Daily reported.  Moreover, the Korean government announced that it will do its best to help local companies and financiers enjoy doing business in Iran. Korean President, Park Geun-hye is in Iran accompanied by a large trade delegation.  “Major sanctions targeting Iran were lifted more than three months ago,” Choi Sang-mok, a vice finance minister, said at a meeting held with major companies and financiers. “But Korean companies entering the new market are not doing as well as they had expected.”

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