EghtesadOnline: Since complying with international standards and building strong infrastructures are prerequisites for opening a branch in another country, Sina Bank has managed to complete the first phase of its agreement with KPMG, one of the world’s leading companies providing financial advisory services, Sina Bank’s CEO announced.
Mohammad Reza Pishro added that the agreement is aimed at implementing global banking standards for opening a branch in Munich, Germany.
“In August 2016 when the project of opening a branch in Munich started, we signed a contract with KPMG, based on which the advisory company should help Sina Bank to comply with international banking standards and also provide the bank with insights to improve its banking services,” Pishro was also quoted as saying by IBENA.
The bank’s CEO noted that the compliance process was undertaken through regular meetings alongside educational workshops held by KPMG’s representatives, Financial Tribune reported.
According to Pishro, through the first phase of the KPMG contract, a comprehensive roadmap have been prepared in five fields, namely strategic business plan, regulations of internal supervision and preparing documents for combating money laundering and financing of terrorism, as well as international compliance.
“These documents have been approved by the bank’s board of directors and KPMG’s representatives, which will represent the strength and stability of our bank to the world,” he said.
Pishro commended KPMG’s cooperation during this phase and emphasized that he is confident it will continue during the implementation of the roadmap, which will accelerate the process of opening the branch in Munich and acquiring the permits to do so.
The head of Sina Bank’s compliance project Mohammad Reza Saroukhani elaborated on the details of KPMG project as the advisory company asked for 150 various reports which exceeded from 400 pages.
“The reports were translated and sent to the company as they were presented and assessed through 21 consistent meetings,” he added. The head of KPMG’s financial services noted that Sina Bank is on a n important milestone to reform and modernize its banking and management systems.
“The project was very significant as it provided the bank with a clear insight of international standards of banking procedures,” he added.