MUSCAT: Bank Muscat, the Sultanate’s biggest financial institution, plans to open a branch in Tehran, said a senior official of Central Bank of Iran here on Wednesday. This is expected to be the first international bank branch which is going to be opened in Tehran, after the recent lifting of economic sanctions on the country.
The strong bilateral economic relation between Iran and Oman and proximity of both countries are expected to generate better demand for bank funds. The recent visit of high-level delegation from Oman to Iran also raises expectation of better trade and investment flows between the two neighbouring countries.
“There are other applications. Foreign banks have branches in Tehran even during the sanctions. But after the Joint Comprehensive Plan of Action, this is the first (one) to be opened,” said Dr Ahmed Azizi, advisor to the president of Central Bank of Iran. He was speaking to journalists on the sidelines of a road show on investment opportunities in Iran. Dr Azizi said that it takes the due process (for the bank) to submit application. “I hope it will be in due course.”
