Switzerland’s Reyl Bank Open for Iranians

Reyl Bank has announced that it is opening bank accounts for Iranian individuals and companies through its branches in Geneva and Dubai, allowing accountholders to transfer money, said Sharif Nezam Mafi, head of Iran-Switzerland Chamber of Commerce on Tuesday. “Reyl is not a large bank, but the move is a starting point for further cooperation between Iran and Switzerland,” he was quoted as saying by Tehran Chamber of Commerce, Industries and Mining’s website. Founded in 1973, Reyl & Cie Ltd is licensed as a bank in Switzerland and performs its activities under the direct control of the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB). The bank is also licensed to operate in the UK, Luxembourg, Singapore, US and Dubai.