Iran, Syria Create Joint Bank

Business Materials 11 July 2008 12:51 (UTC +04:00)

Azerbaijan, Baku, 11 July / corr Trend T.Jafarov / Tehran and Damask established a bank, which will promote Iranian business in Syria. A contract on the establishment of the bank with the statutory capital of $30mln was signed in Syria on 10 July between the head of the Syrian Central Bank and the Iranian Minister for City Building and Construction, Iranian news channel IRINN reports.

The Iranian Export Bank obtained 49% of share at the new bank, whilst 25% of shares belong to the TRAde Bank of Syria and 26% will be put for auction in Syria.

Under the agreement, in future the statuary capital of the bank can be increased.

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