No Restrictions on Bank Sepah’s German Operations
Bank Sepah, the oldest Iranian bank, has denied reports in the local media that its Frankfurt branch has been subject to a new round of sanctions, saying foreign exchange operations of the branch remain unhindered.
“The relationship of Bank Sepah with Germany is expanding as agreed upon with the banking officials of Germany. On Friday alone, more than €52 million worth of foreign exchange transactions were conducted in the Frankfurt branch of the bank,” reads a statement by the bank’s head of International Affairs Department published on its official website.
“The Frankfurt branch of Bank Sepah has so far provided more than $607 million worth of a variety of credit and foreign exchange services in Germany,” Amir Hosseini added.
The branch is connected to TARGET2, the real-time gross settlement system for the Eurozone, as well as SEPA, the payment integration initiative of the European Union.
The bank also has operational branches in other European cities, namely Paris, Rome and London.
In recent days, the Jerusalem Post, an Israeli newspaper, had reported that BaFin, Germany’s Federal Financial Supervisory Authority, has subjected the branch to a credit limitation. This led a number of local media to misconstrue the report.
According to the official BaFin statement published on Nov. 14, the supervisory authority “issued an order to Bank Sepah-Iran, Frankfurt Branch, prohibiting the institution from lending until further notice” on Sept. 12.
“BaFin had identified contraventions of requirements for a proper business organization within the meaning of section 25a (1) of the Banking Act (Kreditwesengesetz–KWG),” it adds.
Section 25a of the aforementioned act is subtitled “particular organizational duties, authority to issue orders” and deals with the establishment of proper business organization as well as the responsibilities of the management board among other things.
source: Financial Tribune
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
