Iranian banks, insurance companies to fully resume work in Azerbaijan
Tehran, Iran, Aug. 4
By Temkin Jafarov, Azad Hasanli - Trend:
Iranian banks and insurance companies will fully resume their activity in Azerbaijan in the near future, Iran's Minister of Economy and Finance Ali Tayebnia said at a meeting with Azerbaijani Minister of Economy and Industry Shahin Mustafayev in Tehran, Trend's special correspondent said.
Tayebnia stressed the importance of developing the relations between banks and insurance companies of the two countries, stressing the need to establish the brokerage activity between the banks of Iran and Azerbaijan.
"The trade and economic relations between Azerbaijan and Iran have always been positive and friendly," the minister said.
At present, one Iranian bank - Bank Melli Iran operates on the banking market of Azerbaijan.
Bank Melli Iran is the first national bank of Iran. It was established in 1927 upon the decree of the Majlis (the Iranian parliament). It has consistently been one of the most influential Iranian banks.
Today Bank Melli Iran is the largest commercial bank in Iran and the Middle East with more than 3,300 branches and 43,000 employees. It has 18 international branches and service centers in 11 countries. Baku's branch of Bank Melli Iran was established in 1993.
The Azerbaijani-Iranian Insurance Company Azer-Asia operated in the country earlier. However, it was closed in 2008 due to the refusal of the Azerbaijani Ministry of Finance to extend its license.
Edited by CN