Iranian Bank to Reopen Branch in Italy
- April, 10, 2016 - 16:51
- Economy news
TEHRAN (Tasnim) – Banca d’Italia, the central bank of Italy, has issued permission for Iran’s Bank Sepah to reopen its branch in Rome after a nine-year hiatus caused by the sanctions, the Iranian bank’s managing director said.
Following the termination of the sanctions that the UN had imposed on Iran in 2007, Bank Sepah has been given permission by Italy’s central bank to resume activities via its Rome branch, Mohammad Kazem Chaghazardi said.
In its letter, Banca d’Italia has cited a resolution by the Council of the European Union on the lifting of anti-Iran sanctions, allowing Bank Sepah to resume activities in Italy, he added.
Chaghazardi said the development enables Bank Sepah to offer its customers a range of services, such as opening letters of credit (LCs).
Reopening of Bank Sepah’s Rome branch follows the termination of the sanctions under the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).