Talks have been held with Emiratis over launching banks in Aras Free Trade-Industrial Zone, located in East Azarbaijan Province, said managing director of Aras FTZ on Tuesday. Mohsen Arab-Baghi added that representatives from UAE banks would visit the zone in two weeks, ILNA quoted Arab-Baghi as saying. As per law, foreigners are allowed to establish banks in FTZs with 100% ownership, whereas they can hold up to 40% of banks’ shares in the mainland.
