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EghtesadOnline: Iranian private bank Sina has opened accounts in the Spanish Ares Bank and Italian Banca Popolare di Sondrio, the bank’s website announced.

According to a statement by Sina, the lender has established the two European accounts to expand its international operations and benefit from ties with foreign banks. The lender had earlier announced the opening of accounts in Oman’s Bank Muscat, Turkey’s Halk Bank and Aktif Bank and Swiss BCP Bank. In the wake of new developments, opening letters of credit, offering guarantees and issuing payment orders is now possible through Sina’s branches. Founded in 1985, Sina Bank focuses on funding production, business and service units as well as providing credit to other economic sectors, Financial Tribune reported.

Iran Banking Sina Bank Banca Popolare di Sondrio Ares Bank