World’s largest bank to enter Iran’s market

Business Materials 3 December 2016 14:08 (UTC +04:00)

Baku, Azerbaijan, Dec. 3

By Fatih Karimov – Trend:

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of total assets is willing to enter Iran’s market, Hossein Yaqoubi Miab, director for international affairs at Central Bank of Iran (CBI), said.

The ICBC representatives visited Tehran recently and held talks with CBI officials about starting operations in Iran, Yaqoubi Miab said, IBENA news agency reported.

He further said that the ICBC will submit the needed documents, adding that studies have been made for determining the location for the bank's branch.

Yaqoubi Miab underlined that the ICBC’s presence in Iran will revive Iran’s creditably at the international level.

It also will contribute to transfer of knowledge, technology and service into the country as well as establishing competition between the country's banks, he added.

Iran has already emphasized that it welcomes the opening of foreign banks in the country. In 2008, it put into effect a much-awaited privatization law which allows the normal functioning of foreign banks in the country.