Bank Sepah to Open 3 Overseas Branches
Bank Sepah, a major Iranian commercial bank, plans to open branches in China, South Korea and Iraq in the near future.
Kazem Choghazardi, Sepah’s chief executive, said his bank has taken the preliminary steps for opening overseas branches and intends to start operations in China, South Korea and Iraq after receiving the permissions from Iranian and local authorities.
Sepah would be the first Iranian lender to open a branch in China, Iran’s largest commercial partner. Tejarat Bank had a corresponding office in Beijing, which is not operating at the moment. Currently, Bank Mellat is the only Iranian bank with a branch in South Korea. However, Iranian banks have an active presence in Iraq. Bank Melli Iran has a branch each in Baghdad, Najaf and Basra. Parsian Bank has a branch in Baghdad. In May, Iran’s Tourism Bank also opened a branch in Najaf.
Except for 1,800 domestic branches, Bank Sepah has active branches in Rome, Paris, Frankfurt and London.
“Overseas branches of Sepah processed €556 million worth of transactions in the first five months of the current Iranian year (started March 21),” Sepah’s chief executive said.
“The bank’s total forex transactions reached $5.8 billion in the four months to July 22, marking a 134% growth compared with the same period of last year.”
Choghazardi noted that Sepah has opened or reactivated 55 accounts in 28 foreign banks since the lifting of nuclear sanctions on January 2016.
source: Financial Tribune
Top News
Rio Tinto’s $2.5 billion lithium plan is a win for Milei
China tightens rules to curb methane emissions from coal mines
Australia’s CEFC invests $75m in homegrown critical minerals
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
BHP seeks Brazil growth to emerge from shadow of mining disaster
Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Australia’s CEFC invests $75m in homegrown critical minerals
Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
BHP seeks Brazil growth to emerge from shadow of mining disaster
Norilsk Nickel plans to sell all it produces in 2025
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
BHP seeks Brazil growth to emerge from shadow of mining disaster