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September 5, 2016 10:18 am

Iran to Open Banks in Munich to Boost Export Ties With Germany

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Iranian banks to open in Munich. Photo: The Iran Project.

Iranian banks to open in Munich. Photo: The Iran Project.

Iran’s Middle East Bank and Sina Bank will open branches in the Bavarian city of Munich by the end of the year, Iran’s central bank said, a development that could help boost German exports to the Islamic Republic.

Despite the lifting of international sanctions after implementation of last year’s nuclear deal, major European banks have refrained from working with Iran due to concern over US non-nuclear related sanctions. Iran has accused the United States of blocking the country’s economic integration with the world economy.

Read full story at Deutsche Welle.

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