Economy, Business And Markets

Pasargad Seeking Swiss Entry

Pasargad Seeking Swiss EntryPasargad Seeking Swiss Entry

Bank Pasargad Iran is seeking to launch a branch or a subsidiary in Switzerland, said the bank’s chief executive, Majid Qassemi on Thursday.

“Switzerland is one of the countries we have set our eyes on. We are talking with the authorities to either open a branch or establish a subsidiary bank in that country,” he said in an interview with Swiss newspaper Handelszeitung.

“BPI wants to start operations in Switzerland and I assume that we meet all the requirements,” he added.

“We are also looking for potential investors in Switzerland,” Qassemi said. “For a project in the oil sector, for example, we have an investment opportunity worth $12 billion.”

He, however, noted that there have been no negotiations on the issue yet.

Addressing European banks’ hesitation in entering Iran market he said, “The pressure is only on the big banks, some medium-sized banks have started working with Iran.

“The pressure is not fair, and the US should stop. It contradicts the nuclear deal as all parties have committed themselves to implementing the agreement in good faith.

“Big banks such as UBS and Credit Suisse should be aware that they need to act quickly if they want to have a chance,” since many countries are interested in investing in Iran, including China, India and South Korea.

 International measures against Iran - including banking curbs - were lifted in January as part of the deal with world powers under which Tehran curbed its nuclear program. But the country is struggling to access new financing as many large banks fear falling foul of remaining US restrictions.

Bank Pasargad is also holding talks for opening branches in Paris and Rome. Pasargad had announced earlier that it is exploring the possibility of establishing a foothold in Germany, Spain, Turkey and China, which could be in the form of wholly-owned branches, joint ventures with local partners or acquisitions.