Tehran, Iran, June 17
By Mehdi Sepahvand –- Trend:
Iran’s Minister of Economy Ali Tayyebnia has said that the country’s banks will open branches in South Korea, Fars news agency reported June 17.
Tayyebnia made the announcement as he is in South Korea to take part at the 2nd Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) to be held in the city of Jeju from June 16-18, 2017.
On the sidelines of 2017 AIIB Jeji, Tayyebnia met with South Korean Finance Minister Kim Dong-yeon and the two sides discussed issues such as creating credit lines between the two countries and opening branches of Iranian financial institutions in South Korea.
Talks with South Korean banks over opening letters of credit are being finalized though agreements need to be reached by ministers of the two countries in order to resolve certain issues.
Moreover, measures already taken to provide broker relations or to open branches of Iranian banks in the East Asian state need to be pursued more seriously by banks of both sides.