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Iran's Persia bank pushing to open branch in Seoul

All News 10:21 January 28, 2016

SEOUL, Jan. 28 (Yonhap) -- Iran's Persia International Bank has been pushing to set up a branch in Seoul amid hopes for brisk bilateral exchanges following the lifting of sanctions on the Mideast country, officials here said Thursday.

Jointly set up by Iran's Bank Mellat and Bank Tejarat, the institution commenced trading in London in 2002 and now has one overseas branch office in Dubai.

The bank "has expressed its will to the authorities here to open a branch in South Korea's capital city and has asked the necessary steps," said a Seoul official, requesting anonymity.

If given the nod, the Persia Bank, known as one of four major banks in Iran, would be the second Iranian bank operating in South Korea following the Mellat that advanced here in 2001.

"If the bank makes an official application, the Financial Services Commission and relevant authorities will conduct a due review process before issuing an approval," another official said.

The U.S. and the European Union recently removed decades-long economic curbs on Tehran on the heels of its landmark deal on nuclear armaments with Washington, which opened the new market of the oil-rich nation.


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