64773
Bank Mellat Resumes Seoul Business
Bank Mellat Resumes Seoul Business

Bank Mellat Resumes Seoul Business

Bank Mellat Resumes Seoul Business

Bank Mellat has obtained the license to reopen its branch in Seoul, South Korea, the bank’s CEO announced.  
“This was made possible following the implementation of the Joint Comprehensive Plan of Action (the formal name of Iran’s nuclear deal with world powers) with the assistance of the Central Bank of Iran and Foreign Ministry, and regular negotiations with South Korea,” Hadi Akhlaqi was also quoted as saying by IBENA.
Akhlaqi noted that Bank Mellat is the only active Iranian bank in South Korea allowed to open accounts in won (the South Korean currency) and engage in trade with Iran.
“Iranian banks can benefit from correspondent relations with the Seoul branch of Bank Mellat,” he added.
Earlier, Iran used to obtain its oil export receipts through Woori Bank and other South Korean banks. However, a significant amount of it now will be processed directly through Bank Mellat.   
Since the opening of its branch in the South Korean capital in June 2001, Mellat has supported bilateral trade and foreign exchange transactions, as well as the transfer of wages for Iranians working in South Korea, The Korea Times reported.
Its operations, however, were restricted in 2010 following the international economic and financial sanctions against Tehran over its nuclear energy program, with the bank carrying out limited won-based transactions.
Bank Mellat placed rebuilding of infrastructure to resume normal operations with Seoul on its agenda, since trade between Iran and South Korea is considerably high and South Korean investors are highly interested in the Iranian market.
Some of Bank Mellat’s subsidiaries and branches in other countries have restarted operations since the removal of sanctions, namely Persia International Bank Plc in London, which is jointly owned by Bank Mellat and Tejarat Bank.

Short URL : https://goo.gl/yCvGSH
  1. https://goo.gl/xCKSWF
  • https://goo.gl/ec8J1T
  • https://goo.gl/8AyTqD
  • https://goo.gl/Slj7ct
  • https://goo.gl/lEJYqA

You can also read ...

Bank Mergers Possible
Governor of the Central Bank of Iran Valiollah Seif has...
The economic agreement was signed in Damascus on Thursday.
Iran and Syria signed an agreement in Damascus on Thursday to...
Iranian prime long steel producer Esfahan Steel Company, or ESCO, is exporting all its products now.
Iran's Industries, Mining and Trade Minister Mohammad Reza...
Iran Confident of Oil Price Rebound
The unexpectedly negative reaction of global markets to OPEC's...
Researchers at Royan Institute have taken a step towards stem...
For Boeing, losing the Iran Air deal could affect 777 production, since 15 of the wide-body jetliners are included in the first approved batch of Boeing aircraft due for delivery to Iran Air by 2020.
The US Treasury is reviewing licenses for Boeing and Airbus to...
Pre-Boom Signs in Housing Sector
A number of positive factors in the housing sector heralds the...
TCI Helping Expand Fiber Optic Networks
Telecommunications Company of Iran is pushing ahead with plans...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus