The international branches of Bank Saderat Iran (BSI), as one of the largest Middle Eastern banks operating in the fields of International banking and finance, have been removed from the blacklist of financial sanctions.

The announcement was made by Bank Saderat Iran (BSI) in a statement, adding “the removal of banking sanctions by the Executive Council of the European Union has presented a new opportunity for all stakeholders, shareholders and all who have an interested in Bank Saderat Iran.”

The statement referred to several rounds of negotiations held with various EU officials and the BSI’s constant legal measures that finally led to the removal of the bank’s 28 international branches, including Bank Saderat PLC in London, from the blacklist of financial sanctions against Iran.

On Mon. the UK Treasury announced in a press release that the “Council Regulation (EU) 267/2012 imposing financial sanctions against Iran (nuclear proliferation) has been amended”, adding that the BSI and Bank Saderat PLC are no longer under asset freeze.

“The unfreezing of the assets of the largest stock exchange bank in Iran that holds over 50 per cent of the country’s banking system capacities overseas, is promising and beneficial not only for the stakeholders, but the economy of the whole country,” the BSI statement read.

It went on to add that the sanctions relief will bring about many economic benefits including facilitation and expedition of international trade, reduction of foreign exchange costs, and an increase in investment.

BSI, founded in 1952 in Tehran and with 28 international branches and services in 12 countries such as London, Paris, Hamburg, Frankfurt and Athens, had been subject to sanctions since 2010.