Iranian banks to open branches in Munich

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The Muenchner Merkur newspaper reported on Sunday that the three Iranian banks have told Bavaria’s Economy Minister Ilse Aigner about their plans to open branches in Munich.

They have been named as Middle East Bank, Parsian Bank and Sina Bank. The German daily further quoted Aigner as saying that the banks have received approval from Iran’s central bank to set up branches overseas.

"Business ties between Bavarian companies and Iran often fail today because of barriers in the payment process," Reuters quoted Aigner as having told the Muenchner Merkur.

"That is why having branches of Iranian banks in Munich is particularly important for our businesses. Especially our small- to medium-sized firms have enormous export prospects to Iran that they will be able to utilize more easily in the future."

Iran has been persistently urging European countries to take the required measures to encourage their banks to facilitate transactions with Tehran now that the sanctions have been removed.

However, the country’s plea appears to have fallen on deaf ears so far.

Analysts have already emphasized that the banks remain wary of the impacts of the remaining American sanctions against Iran, specifically those that address banking transactions with the country.

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