EIH Bank Transactions at €2.5 Billion

The Hamburg-based Iranian-European Bank (EIH), affiliated with Iran’s Bank of Industry and Mine, has managed to raise its transactions to €2.5 billion after reconnecting to SWIFT (the international interbank messaging network), despite the fact that many of the big international banks are still not willing to cooperate, said the former CEO of EIHbank.

Siavash Naghshineh added that the bank’s turnover stood at €100 billion before the sanctions were imposed over Iran’s nuclear program.

“The banking system is closely associated with politics. Iranian banks’ lack of transparency, high risk level and the country’s long isolation cut off our bank’s relations with the global banking system,” he told the Fourth Iran-Europe Banking and Business Forum held in Tehran on April 29-30.