Iranian, Swiss banks establish banking ties

Business Materials 3 December 2016 17:22 (UTC +04:00)

Baku, Azerbaijan, Dec. 3

By Fatih Karimov – Trend:

Iran’s SINA Bank and a Swiss bank, Banque de Commerce et de Placements (BCP) established correspondent banking relationships, the official website of the Iranian bank reported.

The Iranian bank has opened an account in BCP bank in order to facilitate settlement of banking transactions as well as opening credit lines and offering bank guarantees in euro and the Swiss Franc.

Sina Bank has already opened accounts in Turkish Halk and Aktif banks as well as BankMuscat of Oman.

The Iranian bank also plans to open a branch in Munich, Germany, by August 2017.

Sina Bank is a private banking establishment offering retail, commercial and investment banking services. The company was established in 1985, and privatized in 2007 as a part of the government's privatization of the banking system.

In 2010, the bank came under European Union sanctions against Iranian banking institutions.

The international banking sanctions against Tehran was removed last January as the nuclear deal between Tehran and the six world powers came into force.