Iran has its eyes set on Turkish banks
Bank Mellat, which has been in Turkey since 1982, faced restrictions in 2012 which led to a decline in its growth due to economic sanctions imposed against Iran.
Click here to add Ankara as an alert
Disable alert for Ankara,
Click here to add Banking Regulation and Supervision Agency as an alert
Disable alert for Banking Regulation and Sup ...,
Click here to add İstanbul as an alert
Disable alert for İstanbul,
Click here to add Izmir as an alert
Disable alert for Izmir,
Click here to add Ministry of Foreign Affairs as an alert
Disable alert for Ministry of Foreign Affairs,
Click here to add Recep Tayyip Erdogan as an alert
Disable alert for Recep Tayyip Erdogan,
Click here to add Tehran as an alert
Disable alert for Tehran,
Click here to add UN Security Council as an alert
Disable alert for UN Security Council
After growth restrictions were removed on one Iranian bank already doing business in Turkey, two more have been approved to open branches in the country, Turkish news outlets reported on Tuesday.
Bank Mellat, which has been in Turkey since 1982, faced restrictions in 2012 which led to a decline in its growth due to economic sanctions imposed against Iran. However, the Banking Regulation and Supervision Agency (BDDK) approved expansion requests from Bank Mellat last month in light of the U.S. and the UN Security Council loosening economic sanctions after headway was made in negotiations regarding the curbing of Iran's nuclear program.
Afterwards, applications from the Iranian banks Pasargad and Tejarat to set up shop in Turkey were approved by the Ministry of Foreign Affairs.
Bank Mellat has operated in Turkey through its three branches in Izmir, Istanbul and Ankara. Turkish news outlets reported last week that Turkey and Iran had come to an agreement allowing an increase in banking transactions between the two countries.
Earlier this year, Turkish Prime Minister Recep Tayyip Erdogan said that he considered Iran to be “his second home” during a visit to Tehran aimed at strengthening economic ties between the neighboring countries.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- In addition to Israeli gas? Egypt has its eyes set on Cypriot gas
- Turkish stocks plunge by 8.8 percent, eye on IMF assistance
- Has Turkish banking lost its charm?
- Losing its glory? Iran joins long list of countries to ditch US dollar in foreign trade
- Toughening up: Iran restricts employment of foreigners