NEWS
ECONOMY   Banks  

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.

News No: 1295
Date: 2017/09/13 - 16:20
News Source: Financial Tribune

Bank Sepah  Kazem Choghazardi  China  South Korea  Iraq 

Comments:

Leave a Comment:

   
   
   
 

China utilities plan new coal import price index to curb volatility

China's major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move the power firms hope will give them more control over how much they pay for their key raw material.
 

$41m in Securities Sold to Finance Iran's Rail Project

The Economy Ministry sold 2 trillion rials ($41.6 million) of Islamic bonds on Iran Fara Bourse on Sunday to finance the establishment of a railroad connecting three major cities.
 

Danieli Service intervention on aluminum hot-strip mill

Danieli China Service Team diagnoses and solves HAGC problem at Nanshan Light Alloy
 

Another Danieli steelmaking plant in the Middle East region

United Brothers Holding -which has its core business in Kurdistan, in the oil and gas sector- awarded Danieli with the order for a new steelmaking plant.
 

Iranian Firms Can Supply Equipment in South Pars Phase 11

Iranian firms have the capacity to provide up to 70% of equipment needed by South Pars Phase 11, which is due to be developed by France’s Total and its partners, chairman of the board of directors of Iranian Petroleum Industries Equipment Manufacturers Association said.
 

Copper steadies, iron ore price climbs on blockbuster Chinese imports

The price of copper regained its footing and iron ore prices continued the climb on Thursday after customs data showed imports of raw materials by China stayed robust in January after a strong 2017.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners