Russia’s Elbin Bank Eyes Cooperation With Iran

EghtesadOnline: Representatives of Alborz Export Promotion Company met with a delegation from Russia’s Elbin Bank to discuss ways of expanding banking and trade ties.

News ID: ۷۷۹۴۵۸

27 September 2017

“Elbin Bank wishes to expand relations with the Iranian banking system and has placed transfer of interbank remittances and development of trade ties between Iran and Russia on its agenda,” the chief executive of the bank was quoted as saying by the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture.

Elbin Bank was founded in 1993 and has branches in Moscow and Vladikavakaz. The bank had in the past interacted with Iranian banks.

In mid-August, it signed two agreements with an Iranian delegation from the northwestern province of Ardabil in Moscow. The agreements envision the development of a spa town between Ardabil and Sareyn–Iran’s famous spa hub–and the sale of Ardabil’s handicrafts in Russia, Financial Tribune reported.

At the meeting with the company’s representatives, the CEO of Russian lender said his bank is even ready to resolve problems regarding transfer of small volumes of foreign currency owned by Iranian traders because they are sometimes forced to bear higher costs to move their funds.

He referred to Iranian goods being offered in Moscow by the Alborz Export Promotion Company as a positive step for introducing the variety of Iranian products to familiarize Russian businessmen.

In early September, it was announced that by late October, the company will open a permanent exhibition in Moscow based on an agreement reached by an Iranian-Russian consortium headed by Russia’s Elbin Bank and a charity foundation affiliated to State Welfare Organization of Iran.

Based on the agreement, food, agricultural and industrial products of Alborz as well as other Iranian provinces will be showcased in an area of 300 square meters in the Russian capital.

According to Elbin Bank’s chief executive, he held talks with the Alborz company regarding power plant cooperation as well as for facilitating Russian investments in the petrochemicalsector.

Masoud Qasemi, the head of Alborz Chamber of Commerce, Industries, Mines and Agriculture, said the chamber is ready to provide space for the Russian bank to open a representative bureau.

“Unlike previous year, we are not strictly looking to purchase goods required by the province and we want to focus on export of goods required by Russia,” he added.