BAKU, Azerbaijan, January 17. Russian VTB bank plans to open a subsidiary bank in Iran by the end of 2025 and is awaiting approval from Iranian authorities, the head of the bank, Andrey Kostin told reporters in Moscow, Trend reports via TASS.
"We are announcing our intention to open a bank in Iran by the end of this year. This will mark the entry of the first Russian bank into the Iranian market, and we are appealing to the leadership of Iran, hoping for permission by the end of this year," said Kostin.
The head of VTB also added that the bank already has a representative office in Iran and is working on expanding the use of bank cards in the country.
"The process is already underway; cards have started to work, but we plan to expand this system so that any Russian citizen visiting Iran will be able to use cards and make payments," Kostin emphasized.
To note, VTB opened its representative office in Iran in 2023, becoming the first Russian bank to be represented in the country.
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