Economy, Business And Markets

BIM Expanding Ties

BIM  Expanding  Ties BIM  Expanding  Ties

Bank of Industry and Mine has opened letters of credit for industrial units since the lifting of the sanctions in January with their total value amounting to $11 million, according to the bank CEO, Ali Ashraf Afkhami. He added that his bank has established correspondent relations with 51 foreign banks, BIM’s website quoted him as saying on Sunday. Hamburg-based Eihbank, affiliated to BIM, alone has opened LCs worth $1.2 billion, according to Afkhami. “Eihbank has conducted 5.4 billion transitions without other banks’ involvement, which has reduced transaction costs by 10-15%” he said. The banker added that BIM is currently holding talks with banks in China, South Korea, Japan, Germany and Italy. “I expect to get a credit line from one of these banks in the next three months.”