Three Iranian banks will be opening branches in Germany, according to Reuters' story detailing an interview Bavaria’s economy minister Ilse Aigner gave to the Muenchner Merkur newspaper. Aigner said: "Business ties between Bavarian companies and Iran often fail today because of barriers in the payment process. That is why having branches of Iranian banks in Munich is particularly important for our businesses. Especially our small- to medium-sized firms have enormous export prospects to Iran that they will be able to utilise more easily in the future."
The Iranian banks involved are:
Middle East Bank
Middle East Bank (MEB) operates primarily as a wholesale bank, focusing mainly on corporate clients and specialised credit products. MEB’s application for the banking licence was submitted to the Central Bank in 2010 and it was officially incorporated on 21 October 2012. Parviz Aghili-Kermani is Managing Director. He told AFP: "This is a first since the revolution of 1979. We hope to open our branch by the end of 2016.”
Parsian Bank was incorporated in September 2001 and in January 2002 the bank opened four branches in Tehran. Its activities include all banking operations, commercial activities and services. Its vision is to enjoy the largest domestic market share and to be the best bank in providing advanced banking services.
Sina Bank started in 1985, when it was known as Bonyad Financial and Credit Institute, and now has over 260 branches in different parts of the country. Its operations include funding various production, business and service units as well as granting credit facilities to various economic sectors. It became Sina Bank in 2009 and has seen significant growth since then. Mohammad Reza Pishrow is Managing Director
Iran’s Central Bank released a statement earlier this year about boosting its ecomonic ties with Germany. The bank’s Akbar Komijani commented: “EU companies endured damages in dealings with Iranian banks because of sanctions and banking ties are the pre-requisite for trade and economic relations between the two countries.”
Read the September 2016 issue of Business Review Middle East magazine