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EU banks start re-engaging with Iran
2016/Apr/4
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European banks have reportedly started to re-engage with Iran after over two months from the removal of sanctions against the country.
The Financial Times reported on Sunday that Belgium”s KBC, Germany”s DZ Bank and Austria”s Erste Bank that they have started handling transactions on behalf of European clients doing business in Iran.
Nevertheless, bigger European banks remain on the sidelines, “scarred by a string of multibillion-dollar fines for earlier sanctions breaches in Iran”, the FT added.
KBC, Belgium”s biggest bank, has announced that it had “decided to support its well-established customers in its home markets” of Belgium, the Czech Republic and Slovakia “in their genuine trade with Iran, respecting all EU and US sanctions”.
“Such support is restricted to trade only and always subject to an in-depth screening of each transaction and all parties concerned,” FT has quoted KBC as saying in a statement. “To this effect KBC indeed has developed correspondent relationships with several state-owned and private Iranian banks.”
The daily has further quoted DZ Bank as announcing in a statement that it had started handling payments in euros via Iranian correspondent banks.
“We have started on-boarding Iranian banks in terms of trade finance co-operation, according to standard procedures. Going forward we might also seek to build correspondent banking relationships,” the FT had quoted DZ Bank as saying in its statement.
Both banks, it added, have emphasized that they have “checked” every payment involving Iran for sanctions compliance.
Indications had been specifically growing lately that a legacy of hefty fines by the US on banks that are caught for violating Iran sanctions is deterring businesses from trading with Iran.
Reports said last month that corporate leaders have already become frustrated over this even though the sanctions removal against Iran would have naturally meant the doors are open for investments in Iran.
The failure specifically by European banks to play their due role in business with Iran has already provoked reactions from several EU leaders and business leaders.
British Prime Minister David Cameron in early March rebuked Barclays for hampering companies trying to export to Iran.
Also, Airbus which sealed an agreement with Iran in January to sell over 100 new planes to the country, has called on EU banks to dispel fears of doing business with Iran.
(isna)
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2016/Apr/4 |
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Iran, Austria ink 2bn euro deals for cooperation
2016/Apr/4
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Iranian and Austrian private sectors will work on seven contracts, worth two billion euros,dealing with a number of agricultural and development projects.
Member of the Board of Representatives of Tehran Chamber of Commerce, Industries, Mines and Agriculture Hamid-Reza Salehi said the projects will also cover railway transportation, auto spare part manufacturing, agricultural products, hospital establishment in Iran and export of Halal meat to Austria from Iran.
Salehi said the deals were inked during recent visit of a 110-member delegation of Iranian private sector to Austria last week.
He said Iranian and Austrian banking officials also agreed upon banking cooperation and insurance coverage of the exports risks.
Salehi went on to say that the Iranian parties during their visits welcomed finance of projects in Iranian territory.
(irna) |
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2016/Apr/4 |
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German Siemense representatives due in Iran
2016/apr/2
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Siemens representatives plan to visit Iran to transfer know-how to develop their market into Iran and modernize the country”s power plants, said Iranian Deputy Minister of Energy for Planning and Economy Alireza Daemi.
Simense is one of the companies which would work with Iran in developing steam and gas power plants, he said, adding Iran is after making coordination between Simense and other Iranian companies through using know-how of the company and have H-class and F-class advanced turbines in Iran.
He further said that Simense presence in Iran could be a good chance for Iran”s MAPNA Company to provide power both for Iran and neighboring countries.
MAPNA Group is a group of Iranian companies involved in development and execution of thermal and renewable power, oil & gas, railway transportation and other industrial projects as well as manufacturing main equipment including gas and steam turbines, electrical generator, turbine blade and vane, HRSG and conventional boilers, electric and control systems, gas compressor, locomotive and other pertinent equipment.
He also said that MAPNA can run large projects in energy-hungry neighboring countries jointly with leading international companies.
The Iranian official said that Iran has not signed any agreement with Simense yet.
(isna) |
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2016/apr/2 |
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Iran, Austria ink deals worth $2 billion
2016/apr/2
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The Iranian Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) and the Austrian chamber of commerce, Wirtschaftskammer Österreich (WKO), signed deals worth $2 billion here on Thursday.
VIENNA – The Iranian Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) and the Austrian chamber of commerce, Wirtschaftskammer Österreich (WKO), signed deals worth $2 billion here on Thursday.
The deals, including 8 cooperation agreements in the fields of car, steel, medicine, and engineering, were signed by ICCIMA President Mohsen Jalalpour and WKO President Christoph Leitl, the IRNA news agency reported.
On the sidelines of the ceremony, Jalalpour expressed the Iranian private sector”s willingness to boost cooperation with Austrian companies. In this line, an export guarantee deal will be signed between banking sectors of the two sides, he added.
In September 2015, Austrian companies signed a series of deals worth $89 million with Iranian partners at an economic forum in Tehran, becoming the first Western firms to put down concrete stakes in the Islamic Republic since it reached a landmark nuclear deal with big powers in July.
It was part of a three-day visit by Austrian President Heinz Fischer to Tehran. “We expect to boost our volume of trade to 300 million euros in the short term, and we then look forward to markedly increasing our economic relations,” Fischer said in a joint news conference with his Iranian counterpart Hassan Rouhani.
The WKO said trade ties could hit 1 billion euros by 2020.
(tehran times) |
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2016/apr/2 |
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Russian bank to establish branch in Iran’s Qeshm Island
2016/apr/2
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Russia”s Tempbank will establish a branch in Iran”s southern island of Qeshm in the near future, said Mikhail Gagloev, the bank”s chairman of the board.
In a meeting with Hamidreza Mo”meni, the managing director of Qeshm Free Zone Organization, in Moscow on Wednesday, Gagloev said his bank will set up the branch in Qeshm in order to facilitate economic and trade ties between Iran and Russia, the IRNA news agency reported.
Iran is a country with an old civilization; the Russian director noted, adding that there is a very noticeable economic and trade relation between Iran and Russia.
Mo”meni, for his part, welcomed establishment of Tempbank”s branch in Qeshm and referred to Russia as a friend of Iran during the period of West-led sanctions against the Islamic Republic; saying, “Iran”s strategy for relation with other countries in the post-sanctions time is to prioritize countries that stood beside us during the sanctions era.”
Being established in 1989 under the license of Russian Central Bank, Tempbank is a universal commercial bank with a wide range of financial services for individual and corporate clients.
(tehran times) |
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2016/apr/2 |
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