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:

   
   
   
 

$10b Chinese Finance for Iran, More in the Pipeline - Update

Five Iranian banks have jointly signed a finance deal worth $10 billion with CITIC Trust, a Chinese state-owned investment company, to fund development projects in Iran.
 

Copper, iron ore price drops bring mayhem to mining stocks

Mining and metals investors were offloading the sector's big names on Friday after sharp declines in iron ore and base metals prices which according to some market observers have been running ahead of fundamentals.
 

China Sends 2nd Freight Train Down New Silk Road to Tehran

China signed a contract with Iran back in July to finance the electrification of a strand of the New Silk Road in Iran—a 926-km railroad between Tehran and Mashhad with a $1.5 billion loan
 

Iraq Braves Break With Tradition in Search of Oil’s True Worth

OPEC’s second-largest producer is stepping up the campaign to get more for its oil by looking to revamp the way it sells crude to its biggest customers.
 

China Creating World’s Largest Power Company

The government of Chinese President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., among its largest power generators, the State-owned Assets Supervision and Administration Commission said on Monday.
 

China's Chalco plans $500m investment in Guinea bauxite project

Aluminium Corp of China (Chalco) plans to invest $500 million in a project to produce bauxite, used to make aluminium, in Guinea starting next year, the mines ministry said.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners