Iran to open 3 banks in Germany to facilitate transactions

Three Iranian private banks are planning to open branches in Germany to increase and facilitate trade transactions, Iran daily reported on Sunday.

Middle East Bank, Saman Bank and Sina Bank are planning to open branches in German cities to increase Iran’s trade relations with Europe, according to Iranian ambassador to Germany.

Middle East Bank will open a branch in Hamburg, Saman Bank has targeted Frankfurt, however, Sina Bank has not made a final decision on the location of its branch, Ali Majedi said at the sixth Iran-Europe Banking and Business Forum in Tehran on Sunday.

After the implementation of Iranian nuclear deal in Jan. 2016, the branches of Bank Melli Iran in Hamburg and Bank Sepah in Frankfurt along with Iran-Europe bank have played a major role in conducting transactions between Iran and Europe, Majedi said.

He pointed out that Iran-Germany trade last year, ending on March 20, 2018, stood at 3.4 billion U.S. dollars, and since March 21, trade between the two countries witnessed a 12.5 percent growth compared with the same period in the past year.

On the sidelines of the second day of the event, German Ambassador to Iran Michael Klor-Berchtold said that Iran-Europe trade relations have increased significantly since the nuclear deal came into force.

If Iran fully rejoins the global economy and if its ranking in Financial Action Task Force (FATF) improves, it will benefit much more from the implementation of the nuclear deal.

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