Economy, Business And Markets

Tehran, Bern Developing Banking Ties

Tehran, Bern Developing Banking TiesTehran, Bern Developing Banking Ties

Iran and Switzerland have made significant improvements in their banking ties.

This was announced by Iran’s Deputy Economy Minister Mohammad Khazaei after a meeting with Philippe Leuba, economy minister of Switzerland’s Vaud state, on Sunday.

“The atmosphere seems to be suitable for Iran and Switzerland to develop banking relations, as the pathways to bilateral banking cooperation are opening,” Khazaei was also quoted as saying by the official news outlet of the Economy Ministry during a Swiss delegation visit to Tehran.

He said the visiting Swiss delegation consists of high-ranking banking and economic officials.  

“The main topic of discussion during the meeting with Swiss delegation was expansion of cooperation, particularly in the fields of biotechnology, information technology, health-related technologies, agricultural know-how and transportation, as some of our negotiations are expected to reach implementation stage within a month,” he added.

Khazaei noted that the representatives of the two countries also discussed banking solutions for financing Iranian projects.

They also touched upon insurance coverage for these investment projects by European companies.

Leuba said: “During our stay in Iran, we held productive meetings with Iranian companies to expand economic cooperation and we believe that a good opportunity for boosting bilateral economic ties is ahead of us.”

This is while about a month ago, a commercial delegation from Tehran's Chamber of Commerce, Industries, Mines and Agriculture had travelled to Geneva, Switzerland, and met with the Central European nation’s parliamentary officials among others, who heralded a better future for Iranian-Swiss banking ties.

Leuba noted that Swiss banks are cautious because of their trade links with US-based entities, but they are ready to strengthen relations with Iran and remove hurdles.

Reyl Bank and BCP are among Swiss banks that have reportedly started working with Iran.

Back in May, Bank Pasargad Iran announced that it was seeking to launch a branch or a subsidiary in Switzerland, as banking relations between the two countries have not fully normalized.

The Swiss government estimates that exports to Iran, valued at more than $620 million last year, could double or even triple within a decade.

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