Iranian bank applies for Turkish banking license

June 18, 2012 19:30

ANKARA - Iran's Bank Pasargad has applied for a license to operate in Turkey, a banking sector official told Reuters on Monday, but its bid was seen having little chance of success given global efforts to isolate Tehran over its nuclear program.

Pasargad's move is a fresh sign of the strengthening commercial ties between the neighboring countries in recent years but coincides with growing US pressure on Turkey and other countries to curb oil purchases from Iran.Turkish media reported at the weekend that three Iranian banks, including Pasargad and Bank Tejerat, had applied to the Turkish banking watchdog for a banking license.

A Turkish banking sector official said only Bank Pasargad had applied recently to the BDDK banking regulator, doing so around 20 days ago.

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