First foreign bank opens in Iran

May 29th, 2008 - 5:29 pm ICT by admin  

Tehran, May 29 (IANS) The first of the six foreign banks allowed to open offices in Iran started operation Thursday, IRNA reported. The Iran-Europe Commercial Bank (ICB) would provide on the spot euro-based foreign exchange service, its director general Siavosh Naqshineh said.

The Iranian Bank of Industry and Mine (San’at va Ma’dan) is a major shareholder of the new bank.

The ICB has been operating on Kish Island, Iran’s free trade zone since 2005.

Governor of Central Bank of Iran (CBI) Tahmasb Mazaheri, who attended the opening ceremony, said Tehran has allowed several foreign banks to open branches in Iran.

He reaffirmed CBI’s readiness to offer special incentives to private banks looking to open branches in the country.

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