BMI to Elevate Presence in Germany, Iraq

Bank Melli Iran is planning to turn its branches in Germany and Iraq into bank subsidiaries, aiming to enhance performances of the branches in the two countries. BMI currently has subsidiaries in Russia (Mir Business Bank), and the UK (Melli Bank plc.) with both restarting their operations after the lifting of the sanctions in January. Speaking at the BMI board’s annual meeting, Mohammad Reza Hosseinzadeh, BMI’s chief executive urged the government to increase his banks’ capital to 130 trillion rials ($4.09 billion) and allow BMI to hire more people, IRNA reported on Sunday. Hosseinzadeh also noted that non-performing loans now account for 8.8% of Bank Melli’s assets, down from the previous year’s 14%.