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Iranian private bank likely to open Bavarian branch in summer

Business Materials 1 May 2017 21:05 (UTC +04:00)

Baku, Azerbaijan, May 1

By Farhad Daneshvar – Trend:

A senior German official has said that Iran's Middle East Bank will receive permission for opening its branch in Bavaria this summer.

Markus Wittmann, the head of department of internationalization and industry at the Bavarian State Ministry for Economic Affairs, has said that two Iranian banks of Middle East and Sina are qualified to open their branches in the German state, IRNA news agency reported May 1.

The official, however, did not say when Sina bank will receive permission for opening its branch in Bavaria.

The visiting German official on the sidelines of an economic conference in Tehran told reporters that Bavaria seeks to establish relations between Iranian and German banks.

Back in September 2016, three Iranian banks of Middle East, Parsian and Sina voiced their interest in opening branches in Munich to help stimulate business ties with Germany.

Although nuclear sanctions on Iran have been removed following the implementation of the Joint Comprehensive Plan of Action (JCPOA) last January, most of European banks still appear reluctant to do business with Iran over concerns of running afoul of US regulations.

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