52915
Bank Sepah has plans to increase its share in establishing branches.
Economy, Business And Markets

Bank Sepah Planning China, S. Korea Branches

Bank Sepah plans to open branches in China and South Korea, a board member of the bank said.
"Bank Sepah has plans to increase its share in establishing branches and to set up new branches in China and South Korea," Mostafa Parto Afkanan said, IBENA reported.
The lender is going to be more active in Asia and that is why it has been decided to open branches in the two countries, he noted.
"We are in preliminary communications regarding the opening of the branches, but the Central Bank of Iran must first issue the necessary permits," he said.
On Bank Sepah's other international operations after the easing of sanctions following the nuclear agreement with the six world powers, he said in the first six months of the current fiscal year to September 21 the bank opened 2 billion dollars worth of letters of credit.
Noting that efforts are underway to open overseas accounts for his bank, the board member said "we have established links with three European banks. Using this opportunity we can work with European banks and conduct banking operations in all European branches that are connected to Target2 system."
Parto Afkanan also said Sepah will open a new and independent branch in London. "All the staff have been appointed in this branch and dealings are also on the rise," he said. "We have also made contact and held negotiations for credit insurance.
Sepah has inked $10 billion worth of deals with the National Development Fund of Iran which will be used for sectors like oil and petrochemicals and power plants.
The bank "has no frozen assets" and has increased its overseas bank branches' capital by €50 million.
In conclusion, he spoke of a new 10 trillion rial ($314.2 million) credit line for the production sector, saying close to 70% of the amount has been allocated and the rest will be made available soon."

Short URL : https://goo.gl/F53LAE
  1. https://goo.gl/uvOTAa
  • https://goo.gl/dk4OsP
  • https://goo.gl/om3eLZ
  • https://goo.gl/abf5g1
  • https://goo.gl/j5eWLQ

You can also read ...

Audi CEO Arrested Over Diesel Scandal
Audi CEO Rupert Stadler was arrested in Munich on Monday in...
Stadler Rail’s business with Iran is worth billions of Swiss francs.
In early March, the Swiss Embassy in Tehran gladly announced a...
Iran to Increase Exports to US Despite Sanctions
A senior Iranian trade official has announced that the country...
Grab Clinches Deal With HSBC
Ride-hailing startup Grab has secured a $370 million five-year...
Iran Proposes to Set Up IMO Offices in West Asia
The Ports and Maritime Organization of Iran has announced its...
Over 2.55 billion shares worth $169.2 million were traded at TSE on June 18.
Tehran stocks showed no signs of backing down on their rally,...
Trends in Housing Sales, Rents
The Statistical Center of Iran has presented crucial data...
Gov’t Loans for Apparel Production in Rural Areas
The government has begun the process of allocating loans to...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus