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Bank Pasargad Iran Targeting Multiple India Branches

Mar 13, 2018, 6:35 AM
News ID: 23959

EghtesadOnline: After it was confirmed during President Hassan Rouhani’s recent trip to India that Iran’s Bank Pasargad, one of three banks seeking to open branches there, has finally received the green light, the bank has now said it is targeting multiple branches.

“Bank Pasargad is considering the establishment of three [additional] branches in India in the future, which will considerably facilitate the transfer of oil money,” Mostafa Beheshti-Rouy, a board member with the bank, was quoted as saying by IBENA in a press conference on Sunday.

According to the bank official, in addition to the Pasargad branch that will be established in Mumbai, the lender is eying Delhi, Hyderabad and Ahmedabad.

Beheshti-Rouy noted that Bank Pasargad has set sights on establishing branches in other countries and has so far evaluated its prospects in Spain, Russia, South Africa, Italy and Switzerland, according to Financial Tribune.

Alireza Zandieh, an advisor to the chief executive of the bank on international and investment affairs, was also present at the conference and said the bank chose India, considering the level of its trade ties with Iran and its rising economic prospects.

“We are currently in the final stages of obtaining a permit and as the central bank of India has deemed us eligible, we will soon become the first bank to become active in India,” he said.

He also acknowledged that Pasargad is looking to expand its activities in India by setting up more branches and to establish the first branch, India’s foreign, economy and interior ministries must give their green lights, in addition to that of the central bank.

Zandieh said Pasargad has so far managed to obtain three permits and is only awaiting the final one.