Overseas Expansion of Banks Underscored

The importance of Iranian banks’ foreign branches is not negligible, therefore their number ought to increase in order to provide better services to Iranian traders, the head of Iran’s Monetary and Banking Research Institute announced.”We realized the ecessity of foreign branches when top international banks refused to cooperate with us,” Ali Divandari was also quoted as saying by Mehr News Agency.

Divandari noted that the branches of Iranian banks in Turkey and the UAE bore the burden of transactions during nuclear sanctions and offered a variety of services to businesses.”Branches in different countries are necessary and beneficial for our country, but they are not adequate. We still need to have correspondent relations with more foreign banks since we have a considerably high volume of trade,” he said.