World Business and Economic Analysis
World Business and Economic Analysis
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.
A senior financial regulator said that South Korea will support Iran in the development of its capital markets, citing ongoing financial cooperation between the two countries.
Jeong Eun-bo, vice chairman of the Financial Services Commission, said bilateral cooperation has gained further urgency to meet growing financial needs following the lifting of international sanctions on Tehran earlier this year.
Jeong made the comments in a meeting with Shapour Mohammadi, head of Iran's Securities and Exchange Organization, in Seoul, though he did not elaborate.
South Korea is seeking business opportunities in Iran as the oil-rich country is aggressively working on infrastructure and development projects.
President Park Geun-hye visited Tehran in May and met with her Iranian counterpart.
Industry data showed that the trade volume between Korea and Iran stood at US$6.1 billion in 2015, down sharply from $17.4 billion in 2011 due to the sanctions.
