72591
Brazil Invites Iranian Banks to Open Branches
Economy, Business And Markets

Brazil Invites Iranian Banks to Open Branches

Iranian banks will be able to open branches in Brazil after following due process like banks of any other nation, as the Latin American country welcomes expansion of trade ties with the Middle East country, Brazil's ambassador in Tehran said.
"In order to help promote trade, foreign banks including those of Iran are able to act in line with establishing a branch and engaging in banking activities in Brazil without any restrictions," Rodrigo de Azeredo Santos also reportedly told IRNA.
Santos referred to the Iranian delegation with the Central Bank of Iran that traveled to Brazil a while ago and said the visit was followed by negotiations to "remove Iranian banking limitations".
The ambassador said conditions on correspondent banking relations were facilitated for a Brazilian bank to work with Ira," without naming the bank.
As Santos outlined, it takes 12 to 18 months for any foreign bank to be fully evaluated and obtain the permits for opening a branch in Brazil.
He noted that banking operations play one of the most important roles in any trade and transaction, adding that the same problems faced by major European banks in working with their Iranian counterparts are also encountered by Brazilian banks.
The still-high risk rating of Iran by the Organization for Economic Cooperation and Development, the fear of sanctions snapback and the uncertainty created by the hostile rhetoric of US President Donald Trump have all contributed to major European banks' qualms about working with Iran.  
"[However] we welcome the presence of Iranian banks in Brazil and their opening of branches here because such a measure by both governments can help develop trade ties between the two countries," Santos said.
Last week, deputy oil minister for international and trade affairs, Amirhossein Zamani, had announced that a delegation consisting of officials with the Central Bank of Iran and a number of private banks will travel to Brazil within the next few months for creating the grounds for expanding banking relations.
Also last week, a business gathering was held at the Iran Chamber of Commerce, Industries, Mines and Agriculture, which was attended by Brazilian Executive Secretary of the Ministry of Agriculture, Livestock and Supply Eumar Roberto Novacki, with Santos in attendance.
During the meeting, both sides underlined the necessity of improving banking relations to boost bilateral trade and investments.

Short URL : https://goo.gl/6E2awy
  1. https://goo.gl/9JgDZ2
  • https://goo.gl/JzE3Tk
  • https://goo.gl/ipD9rH
  • https://goo.gl/fkagni
  • https://goo.gl/Ve41gq

You can also read ...

Iran is the world’s biggest saffron producer and accounts for more than 90% of the global production.
Iran Mercantile Exchange launched saffron futures trading for...
Uber Plans Taxi-Hailing  in Japan
Uber Technologies plans to launch its first taxi-hailing pilot...
Tesla Admits Model 3 Braking Issue, Promises Fix
Tesla Inc’s Chief Executive Officer Elon Musk admitted on...
German firms, especially those without business links to the US, want to continue their Iran business.
While Germany’s big banks are studiously avoiding Iran-related...
New Rules Allow  Direct Forex Sale
Businesspeople that have validated their purchase orders are...
Iran Khodro Expanding Presence in Iraqi Market
Iran’s largest carmaker, Iran Khodro, is set to export 6,000...
19 Gov’t Assets Up for Privatization
The third month of the current fiscal year (May 22-June 21)...
Prices have been jacked up by car dealers and some makers by 6-22% only in the past few weeks.
Authorities are set to ratify new car prices for models...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus