Iran to set up branch of Bank Melli in Pakistan
Baku, Azerbaijan, March 27
By Fatih Karimov - Trend:
Iran has been allowed to set up a branch of its largest commercial bank, Bank Melli in Pakistan, Tasnim news agency reported March 27.
Based on a memorandum of understanding (MoU) which was signed by Governor of Pakistan's State Bank Ashraf Wathra and head of Iran's Central Bank Valiollah Seif on the sidelines of a joint business forum in Islamabad March 26, Pakistan agreed to allow Bank Melli to open branch in the country.
Under the agreement Pakistan's Habib Bank will be allowed to open a branch in Iran as well.
Establishing correspondent banking relationships, opening banking accounts between Tehran and Islamabad, and preparing grounds for cooperation of the two countries' commercial banks to facilitate the business are among the other contents of the deal.
The two sides also agreed to form a joint banking committee to pursue the process of implementation of the agreement.
Iran and Pakistan signed six documents, mostly focused on boosting economic ties during the visit of Iranian president Hassan Rouhani to Islamabad. The sides signed documents including the commercial 5-year strategic plan, cooperation between Iran and Pakistan's chambers of commerce, as well as the Central Insurance of Iran and the Securities and Exchange Commission of Pakistan.
Rouhani arrived in Islamabad on March 25 and met with Pakistani Prime Minister Muhammad Nawaz Sharif. During the meeting they discussed issues of mutual interest, as well as economic cooperation at regional and international levels.