German banks to open Iranian branches, official says

Gabriel was recently criticized in Germany for putting business interests above nuclear agreement qualms.

By JPOST.COM STAFF
August 4, 2015 11:40
1 minute read.
Sigmar Gabriel Iran

Germany vice chancellor and economic affairs minister Sigmar Gabriel with Iran president Hassan Rouhani. (photo credit: ATTA KENARE / AFP)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

An Iranian official said Tuesday that German banks are expected to open Iranian branches once sanctions are fully lifted.

In an interview with Iran's Press TV on Tuesday, Iran's Central Bank Governor Valiollah Seif said Germany's Vice Chancellor Sigmar Gabriel, who is also the federal minister of economic affairs, agreed to this during his recent trip to the Islamic Republic, though did not name specific banks.

Be the first to know - Join our Facebook page.


Gabriel was quoted as saying that Germany is "interested in restoring banking relations with Iran as soon as possible after the removal of the sanctions,” he said.

Seif encouraged more international investment in Iran but said "their investment should not exceed 40 percent [of the bank’s total assets].”  

The vice chancellor's three-day business trip to Iran in July sparked a wave of intense criticism from members of his social democratic party and NGOs for putting business above all else.

In an interview with RadioEins, Kevin Kühnert, the head of the Berlin youth organization for the Social Democrats, Juso, questioned Gabriel’s visit to conclude business deals with Iran.

“Did Germany do enough in the negotiations to eliminate the possibility of an Iranian atomic program or were economic interests so large that they have priority?”

JPOST VIDEOS THAT MIGHT INTEREST YOU:


Kühnert added, “Under Rouhani more people were executed than under [former president Mahmoud] Ahmadinejad. I don’t want to see pictures in which people are hanged from German cranes. Under these premises, I do not want to restart trade with this land.”

In 2012, during a trip to Israel, Sigmar was also criticized for calling Israel an “Apartheid regime” while visiting Hebron. On his most recent trip, however, he called on Iran to improve its relationship with Israel to have closer economic ties with Germany and the West.

Benjamin Weinthal contributed to this report.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Visitors read books at the Big Bad Wolf Book Sale, which calls itself the world's biggest
October 18, 2018
'World's largest book sale' opens shop in Dubai

By REUTERS