67800
Bank Mellat’s Seoul Branch Resumes Operations
Economy, Business And Markets

Bank Mellat’s Seoul Branch Resumes Operations

Bank Mellat has officially restarted work in South Korea through its branch in Seoul, Iran’s ambassador to the East Asian nation announced.
“The bank has recently opened its first letter of credit … [However] it will still take a while for the branch to go back to its previous [pre-sanctions] state, but we are on the right track,” Hassan Taherian also told ICANA, the official news outlet of the Iranian Parliament.
Late May, Bank Mellat CEO Hadi Akhlaqi had announced that the bank has obtained the license to reopen its Seoul branch, noting 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.
As Taherian outlines, Bank Mellat’s Seoul branch was very active a few years ago, but was forced to close down as Iran was slapped with international sanctions mainly focused on its financial system.
“We engaged in negotiations and fortunately the Koreans facilitated the necessary permits and the required coordination was done, so now we are moving toward a complete reactivation of Bank Mellat in South Korea,” the ambassador said.
Taherian also referred to the $8 billion finance for Iranian projects by the Korea Export–Import Bank (Kexim), which was finalized two weeks ago when Economy Minister Ali Tayyebnia met with Kexim President Choi Jong-ku in Seoul and discussed financing Iranian construction and infrastructure projects in energy, petrochemical, oil and health industries.
“There was a clause in the agreement about the possibility of the return of sanctions (snapback), which had created cause for concern,” the envoy said, adding that it has now been resolved.
According to Taherian, Iran’s exports to South Korea amounted to $4.6 billion in 2016 while imports stood at $3.7 billion.

 

Short URL : https://goo.gl/5nJ2FC
  1. https://goo.gl/KKFiKn
  • https://goo.gl/mTXUvw
  • https://goo.gl/cmKZ1V
  • https://goo.gl/D6itPy
  • https://goo.gl/4FtckM

You can also read ...

WTO Accession No More a Priority for Iran
Joining World Trade Organization is no longer a priority for...
Rouhani Sends Banking Reform Bills to Parliament
Following an approval by the Cabinet and a presidential...
One factor causing a drop in Chinese steel in Iran is their rising prices.
Chinese steel was everywhere in the world for the good part of...
Peugeot’s 301 model is on sale in Turkey for more than three years.
Iran Khodro dealers confirm that the new Peugeot 301 sedan is...
Bill on Construction Quality Inevitable
In order to curb the construction of substandard buildings,...
Iran’s per capita egg consumption stands at 198.
Hit hard by the H5N8 bird flu virus last year, the Iranian...
IRICA: Wheat Import Banned
The Islamic Republic of Iran Customs Administration has issued...
IKCO Launches Taxi Made in China
Iran Khodro has unveiled the DongFeng S30 as part of a push to...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus