Iran starts cooperation with large German banks

German banks and other financial parts of the country are greatly interested in financial and banking transactions with Iran and , “We have made progress on expanding baking ties with Germany,” he said in an interview with ISNA.

He said that banks brokerage has started and small and medium-sized banks in Germany have practically started cooperation with Iran.

Some big public banks of the European country have expressed readiness for cooperation with Iran, and the banks which are independent, are capable of confronting disruptors in case they want to make any problem, the ambassador said.

Majedi said that there is no barrier for cooperation between Iranian and German banks, expressing the hope that large banks would start working with Iran by the end of 2016.

Asked about Iran-Germany petrochemistry contracts, he said, negotiations on bilateral agreements on intended fields have started. Germany is in talks with National Iranian Oil Company (NIOC) on developing oil field. Oil fields are of long-term nature and need 6 months to one year to be finalized.

He said that since some oil companies have started talks early, they are expected to sign deals by the end of 2016 or early 2017.

Iran and the five permanent members of the UN Security Council – the United States, Britain, France, Russia and China – plus Germany had finalized the JCPOA in Vienna on July 14, 2015.

Since then, many economic delegations from different countries have started talks with Iran for cooperation in various economic fields and certain agreements have been inked as well.