IslamicFinance.de

The Central Bank of Iran has released the names of 40 registered banks and credit institutions active in the country, which include the names of five foreign banks. The only five foreign lenders licensed to operate in Iran are the Hamburg-based Iranian-European Bank, Standard Chartered, Iran-Venezuela Bi-National Bank, Islamic Cooperation Investment Bank and Future Bank. The Iranian-European Bank has a German license, but is owned by the Iranian state. Standard Chartered is a British multinational banking company headquartered in London. It operates a network of more than 1,200 branches across more than 70 countries. Iran-Venezuela Bank a joint venture between Banco Industrial de Venezuela and the Export Development Bank of Iran. However, Iran is planning to sell some of its shares in IVBB, as the two countries currently have no commercial relations. The Islamic Cooperation Investment Bank is an Iraqi private lender, which currently has 11 branches in Iran. Future Bank is a fully commercial lender approved by the Central Bank of Bahrain, its branch in Iran is located in the Kish Free Trade Zone.

#SouthKorea’s Woori Bank has launched a Korea Desk in Iran to help Korean companies with their business activities in the Islamic Republic. Central Bank of Iran's deputy Gholam-Ali Kamyab said this move could prepare the ground for the opening of Woori branches in Iran. Korean companies will be able to use Woori Bank’s service in the Iranian bank or the Korean bank’s outlets in neighboring cities of Bahrain and Dubai for their businesses in Iran.

Iran’s central bank governor Valiollah Seif demanded the Obama administration take more steps to facilitate his country’s banking transactions world-wide and warned the landmark nuclear agreement reached last year could be at risk if the U.S. doesn’t act. The White House in response to Seif’s comments replied that the U.S. is abiding by the nuclear agreement. Iranian banks have been unable to process international money transfers and finance trade freely in the months since the deal went into effect in January. Iran also has faced obstacles in repatriating tens of billions of dollars of its oil revenues.

Governor of Central Bank of Iran (CBI)Central Bank of Iran (CBI) Mahmoud Bahmani has promised to supply the initial capital for the establishment of Cooperatives Development Bank. Managing Director of Cooperatives Fund Mashallah Azimi told Mehr News Agency that the proposed bank would start operation this year.