Iran’s Bank Mellat plans to reopen its Seoul branch as early as next month, a bank official said on condition anonymity, Korean Herald reported on Wednesday.
Elsewhere in his remarks, the official said the process of restoration of ties between Iran and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system will be completed within next week.
SWIFT is a secure private network used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders.
There has been growing international interest in trade ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.