Economy, Business And Markets

3 Banks Seek Turkey Branches

3 Banks Seek Turkey Branches  3 Banks Seek Turkey Branches

Talks have been held on plans by three Iranian commercial banks to open branches in Turkey, the country's economy minister said.

Ankara’s economy minister confirmed on Monday three Iranian commercial lenders are interested in starting operations in Turkey. During an official visit to Tehran, Nihat Zeybekci told Anadolu Agency the banks -- Bank Pasargad, Saman Bank and Parsian Bank – are considering Turkey as the site for new branches.

"Although these three banks have not yet mad an official application to the Banking Regulation Supervision Agency [Turkey’s banking watchdog] there is no barrier for them operating in our country on condition of meeting the necessary criteria," said Zeybekci.

Turkey’s Halkbank operates in Tehran.

Zeybekci also stated that increasing the number of products covered by a preferential trade agreement (PTA) between the two neighbors to 200 had been suggested during meetings with Iranian officials.

According to an existing PTA, Turkey offers tax reduction to Iran on 145 goods while Iran offers a discount on 125 products to Turkey.

The Turkish minister said the issue of using domestic currencies in bilateral trade was also discussed.

"In case of reaching an agreement, Turkey would make payments for natural gas in Turkish lira and, with that money, Iran may get construction or different services from Turkey," he was quoted as saying.

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