Economy, Business And Markets

Swiss Banks Urged to Increase Iran Business

Swiss Banks Urged to Increase Iran BusinessSwiss Banks Urged to Increase Iran Business

Banks in Switzerland could seize the opportunity of playing a leading role in financing investment projects in Iran, President Hassan Rouhani’s chief of staff said in a meeting with members of Swiss Bankers Association on Thursday.

“Iranian bankers prepared a comprehensive guideline for enhancing the sector [even] before the lifting of sanctions. Iran’s economy is now more stable, which makes it a great opportunity for foreigners to start commercial cooperation,” Mohammad Nahavandian’s official website reported.

Herbert J. Scheidt, chairman of the association, said Iran has managed to take practical steps for enhancing its banking sector.  “We believe this is a valuable achievement,” he said. “On behalf of bankers, I express Swiss bankers’ keenness to cooperate with Iranian banks.”

Reyl Bank and BCP are among Swiss banks that have reportedly started working with Iran.

Back in May, Bank Pasargad Iran announced that it was seeking to launch a branch or a subsidiary in Switzerland. However, banking relations between the two countries have not fully normalized.

The Swiss government estimates that exports to Iran, valued at more than $620 million last year, could double or even triple within a decade.


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