Middle East Bank Opening Munich Branch (02 May 2017)
“Some Iranian lenders have filed applications to open branches in Bavaria a year and a half ago and after conducting the necessary assessment, we approved the request of Middle East Bank ,” Markus Wittmann also said in response to a question by Financial Tribune at a news conference on Monday.
According to Wittmann, Middle East Bank will officially receive its operation license this summer.
The southern state of Bavaria is Germany’s biggest state, hosting many industries, including BMW, Audi and Siemens.
Earlier in his speech to an Iran-Bavaria business gathering hosted by Tehran Chamber of Commerce, Industries, Mines and Agriculture, Wittmann referred to persisting banking difficulties preventing the two countries from realizing their full business potential.
“The Germans are known to get things done fast, but we only do so when the road in front of us is clear,” he said. “When it comes to financing problems, we will try and change the status quo.”
He added that at present, 50 projects are at the operational stage, most of which concern the manufacturing sector.
The visit by the Bavarian delegation to Tehran is the latest in a series of bilateral talks between Iran and Germany. Bavaria has been particularly proactive in opening up to Iran even before the sanctions were formally lifted in January 2016.
Last year, Tehran Chamber of Commerce opened a representative office in Munich at the Bavarian Industry Association (vbw).
On Monday, the German side reciprocated by opening a similar office at Tehran’s chamber of commerce.
Source: financialtribune- Date: (02 May 2017)