Fully-Owned Iranian Bank to Be Established in Baku

A new bank will be established with 100% Iranian share in Azerbaijan, Iran's Central Bank Chief Valiollah Seif said. Seif spoke about a possible plan, under which Bank Melli Iran’s branch in Azerbaijan will become an independent bank and all the shares of the new bank will be owned by Bank Melli Iran.The CBI chief added that this issue will be discussed during the visit of Azerbaijan's delegation to Tehran next week, Trend News Agency reported. Seif also talked about plans to use national currencies in bilateral transactions with Azerbaijan."Central banks of the two countries plan to create accounts in national currencies to simplify trade between Iran and Azerbaijan," he said.