Iran's Bank Sepah Plans China, S. Korea Branches

Bank Sepah plans to establish branches in China and South Korea since Iran’s trade value is considerably high with these two countries, said an official with Bank Sepah, adding that they already have active branches in Rome, London and Paris.

“Before the sanctions, Sepah’s foreign exchange transactions stood at $7 billion and we have been trying to consolidate the infrastructure of offshore branches after the lifting of sanctions,” Mostafa Parto-Afkanan also said at the Fourth Iran-Europe Banking and Business Forum in Tehran.

The official noted that Sepah’s forex transactions reached $6 billion after the sanctions were lifted and the bank intends to increase the volume.

“Bank Sepah, in cooperation with four other banks, is currently investing about $2.2 billion in major projects,” he added.