News ID: 198557
Published: 0222 GMT August 13, 2017

Iran, China to promote banking cooperation

Iran, China to promote banking cooperation

Iran and China have called for establishing cooperation between bank brokers from the two countries while underlining the need to establish Chinese banks' branches in Iran.

The two sides discussed the issue in the latest round of talks on bilateral banking relations, reported ISNA.

China, as one of the main economic power in Asia, has been among Iran's leading economic and banking partners particularly after the signing of the Joint Comprehensive Plan of Action (JCPOA) between Iran and the six world powers.

China is also one of Iran's main business partners in financing various projects.

In a meeting between the governor of Central Bank of Iran (CBI) and the Chinese ambassador, the two sides discussed banking relations between Tehran and Beijing with a focus on establishing banking brokerage, financing projects as well as setting up branches of Chinese bank in Iran.

CBI Governor Valiollah Seif said that the branches would make the Chinese bankers more familiar with banking activities in Iran. "During the process, the current misunderstandings which hinder bilateral relations would be removed," he noted.

He further pointed out that the establishment of branches of Chinese banks in Iran is a prelude for the entry of European banks into the country.

Seif noted that mutual cooperation along with joint financing projects can serve to promote cooperation between Iran and China.

"We also explored ways to expand cooperation between our bank brokers but to achieve the goal the two sides need to adopt appropriate mechanisms and take good decisions to expand banking ties," he said.

Most of China's major banks have already expressed their readiness to invest in Iran and establish cooperation with their Iranian counterparts. One of the banks was China's Bank with an investment of 18 trillion yuan.

As China's fourth largest bank at the international level, China's Bank has expressed interest in establishing branches in Iran.

While nuclear talks were underway between Iran and the six world powers, some Iranian banks began negotiations with international banks including Chinese banks to expand cooperation.

As China's largest bank and one of the leading banks across the world, CBS has been among the banks which have announced willingness to establish branches in Iran and the free trade zone of Kish.

Earlier, Iran and China reached a number of agreements on expanding cooperation in the banking sector. One of the agreements was reached with Exim Bank of China.

As one of the main export and import banks of China, it is ranked as one of the main 1,000 top banks across the world with a large financial and international network of brokers across the globe.

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