Economy, Business And Markets

Joint Iran-Europe Bank Planned

Joint Iran-Europe Bank PlannedJoint Iran-Europe Bank Planned

An Iranian-European bank will be established with three Iranian and four European members serving on the management board, said a senior banking director.

“International monetary institutions evaluated Iranian banks in terms of transparency and efficiency, and agreements have been reached to launch an Iranian-European bank in one of the EU countries with Iran and Europe holding 47% and 53% of the shares respectively,” Ahmad Haji-Mohammadi was also quoted as saying by Mehr News Agency.

Sarmayeh Bank’s head of international affairs also said the bank will be established in Europe early next Iranian year (starting March 21) with the board comprising three Iranian members and four Europeans.

“Three directors had been introduced by the Iranian side, though they need to be approved by the central bank of the destination country,” he added.

Details related to the European bank, the city of operation and the assets involved have not been released yet.

The official noted that the Iranian side will offer its share once the bank starts operation and as for the reserve requirement , it will be provided by European partners for now and Iran will deposit the amount in future.

“Sarmayeh Bank had never been subjected to sanctions since it was not owned by the government, but the bank’s private shareholders had always enjoyed access to SWIFT system even in times of sanctions,” he said.


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