Omani Lender, Bank Sina Forge Ties

Bank Muscat has opened accounts for Iran’s Sina Bank, which allows the lender to open credit lines and offer bank guarantees in euro and the Omani rial. The two banks also agreed to start collaboration in financing Iranian and Omani traders, the bank’s website reported on Sunday. Officials from Sina visited Oman last week where they clinched primary agreements for expanding ties with Bank Nazwa. Earlier this month, Sina said it will open a branch in Munich, Germany, by August 2017. Bank Muscat appears to be one of the first foreign financial firms to establish a presence in Tehran since the international sanctions, imposed over Tehran’s nuclear program were lifted in January. The bank has received regulatory approval to open a representative office in Iran.