Iran’s Bank Sepah to open branches in China, South Korea
Tehran, Iran, Nov. 4
By Mehdi Sepahvand – Trend:
Iran’s Bank Sepah is taking measures to open branches in China and South Korea and is waiting for the Central Bank of Iran to show the green light.
Bank Sepah Deputy Governor Mostafa Partoafkanan said the bank is looking forward to improving its presence in East Asia where it currently lacks a branch, Mehr news agency reported November 4.
The bank’s overseas assets have increased to 50 million euros, he noted, hoping for the bank to regain its pre-sanctions position abroad.
Partoafkanan underlined that in the post-sanctions era (since January 2016), Bank Sepah has opened 112 brokerage relations with institutes abroad.
Thirty-five letters of credit (LCs) have also been opened so far, he noted, adding that since March, the value of opened LCs has reached $2 billion.
“Our London branch is open and its staff has been appointed and business is growing,” he said. “We are after opening LCs via the branches we have in Europe to regain our pre-sanctions credit volume of $7 billion. We plan to achieve $6 million [by March].”