Post Bank, IRISL Expand Ties

Post Bank of Iran and Islamic Republic of Iran Shipping Lines signed an agreement to enhance cooperation. According to the agreement PBI will provide IRISL with banking services including financing development projects, opening letters of credit, and issuing bank guarantees, the banks’ website reported on Saturday. IRISL is also set to use PBI for transferring money and paying salaries. The bank’s ATMs will also be installed in IRISL offices. PBI is a commercial bank owned by the government and has more than 12,000 branches and sub-branches across the country. The bank’s main task is to offer services in remote areas. The bank was recently selected as the agent bank for financing rural businesses.