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EghtesadOnline: An Azerbaijani bank will open its branch in Iran, Economy Minister Shahin Mustafayev told a press conference on the outcome of an Azerbaijani delegation’s visit to Iran.

The issue was discussed during the Iran visit, Mustafayev said in Baku on Sunday. “I cannot say what bank it will be but I want to note that work is underway to create a relevant legal base. In addition, the issue of raising the status of Baku branch of Bank Melli Iran is being considered,” Mustafayev was reported as saying by Trend News Agency. Iran’s Central Bank Governor Valiollah Seif had earlier said that it plans to create a new bank with 100% Iranian capital in Azerbaijan. Seif said Bank Melli Iran’s branch in Azerbaijan will turn into an independent Azerbaijani bank and all the shares of the new bank will be owned by Bank Melli Iran, according to Financial Tribune.

Iran Banking banking cooperation Iran-Azerbaijan cooperation Shahin Mustafayev Azerbaijan banking