Three Iranian banks said to open branches in Munich

September 4, 2016 17:33

BERLIN - Three Iranian banks have told Bavaria's economy minister that they plan to open branches in Munich to help stimulate more business ties with German firms, the Muenchner Merkur newspaper reported on Sunday.

Middle East Bank, Parsian Bank and Sina Bank have received approval from Iran's central bank to set up branches overseas, the minister, Ilse Aigner, told the newspaper.

Aigner, a member of the conservative Christian Social Union (CSU), spoke with the newspaper from Tehran during her second visit to the Iranian capital within a year.

"Business ties between Bavarian companies and Iran often fail today because of barriers in the payment process," Aigner told the newspaper in interview to be published Monday.

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