The Managing Director of Iran Foreign Investment Company (IFIC) stated that Iran and Egypt will open the first branch of a joint bank in Tehran in the near future.
The Mehr News Agency quoted Mehdi Razavi as saying that the first branch in Iran of Misr Iran Development Bank (MIDB) will be established.
He stated, "MIDB is one of the successful banks in North Africa with over 35 years of experience in various development and trade projects."
The official pointed out that in the past few years MIDB has transferred part of its assets to Iranian banks in hope of broadening economic and political ties with Iran.
The IFIC director noted that during the recent global economic crisis the bank made substantial profits and by doing this earned greater benefit for Iran.
IFIC holds some 40 percent shares of MIDB.
By the same token, the MIDB chairman explained that the bank's activities include development projects in both Iran and Egypt alongside reaping huge profits.
Ismail Hassan stated that the bank is rapidly opening new branches and its loans are increasing 35.5 percent as a result of cooperation with Iranian managers.
He said that economic relations with Iran was of utmost importance for them and for this reason their office in Iran would soon be transformed into a branch and later be changed into an independent bank.
The former governor of Egypt's Central Bank noted that banking relations could lead to broadening economic relations which could in turn lead to enhanced political ties between the two countries.
Misr Iran Development Bank was incorporated on May 27, 1975 as an Egyptian Joint Stock. Authorized capital presently amounts to $200 million while paid up capital reached $161 million.
IFIC was incorporated in March 1998 as a Private Joint Stock company with a mission to manage and expand Iranian holdings abroad.
IFIC has interests in energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals, as well as new and future technologies in different countries including Germany, Brazil, Egypt, Jordan, Sudan, Yemen, Namibia, Oman, United Arab Emirates and Armenia.