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EghtesadOnline: Bank Melli Iran, the nation’s biggest bank, is planning to establish a branch of its subsidiary Mir Business Bank–based in Russia– in Iran, a member of its board said.

“The presence of a foreign bank branch inside the country can facilitate many things for investors, exporters and importers,” Barat Karimi was also quoted as saying by the news portal of the bank, adding that it will make transfer of funds much easier.

According to the BMI official, the bank plans to establish the branch in the city of Sarakhs in Khorasan Razavi Province, which has been designated a special economic zone, Financial Tribune reported.

However, Karimi said, doing so would require a permit from the Central Bank of Iran, which is currently awaited by BMI.  

 

Bank Melli Iran Mir Business Bank