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Bank with 100% Iranian share to be created in Azerbaijan (exclusive)

Business Materials 15 February 2017 11:28 (UTC +04:00)
It is planned to create a new bank with 100 percent Iranian share, Iran's Central Bank Chief Valiollah Seif said in an exclusive interview with Trend.
Bank with 100% Iranian share to be created in Azerbaijan (exclusive)

Baku, Azerbaijan, Feb.14

By Farhad Daneshvar – Trend:

It is planned to create a new bank with 100 percent Iranian share in Azerbaijan, Iran's Central Bank Chief Valiollah Seif said in an exclusive interview with Trend.

He spoke about a possible plan, under which Bank Melli Iran’s branch in Azerbaijan will turn into an independent Azerbaijani bank, and all the shares of the new bank will be owned by Bank Melli Iran.

Seif added that this issue will be discussed during the visit of Azerbaijani delegation to Tehran next week.

Earlier, it was planned to create a joint bank in Azerbaijan and the branches of this bank would operate both in Azerbaijan and Iran.

Head of Azerbaijan's Central Bank to visit Iran

Head of Azerbaijan's Central Bank to visit Iran

The Central Bank chief also talked about the plans to use national currencies in mutual settlements in bilateral transactions with Azerbaijan.

"Central banks of the two countries plan to create accounts in national currencies to simplify the trade between Iran and Azerbaijan," said Seif.

He added that Tehran and Baku have held talks on expanding the financial cooperation, as well as boosting the relations between the two countries’ commercial banks.

The discussions will continue next week in Tehran, said Seif.

The branch of Bank Melli Iran started to operate in Azerbaijan in 1993.

Currently, 32 banks (including 15 banks with foreign share) operate in Azerbaijan and 36 banks (including branches of five foreign banks and one joint bank) operate in Iran.

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