Industry Spotlight: Banking and Insurance

By Kriyana Reddy, Research Associate

Prior to the implementation of international sanctions, over 57 private and public foreign bank branches operated outside of Iran, with that number declining until all were eventually closed. With sanctions lifted in January 2016, over 50 new branches are expected to open internationally. There are currently requests by several banks to open branches and resume business within Iran, though some have already begun to handle customers’ transactions within the nation.

The Industrial and Commercial Bank of China, the world’s largest banking institution, has been one of the banks applying for permits to open branches inside Iran, particularly in Tehran and Kish Island, a free trade zone.

Austria’s Kontrollbank has begun to extend loans in order to facilitate trade between the two countries. A delegation from the Austrian region of Carinthia visited Iran in May to establish banking relations, and an Iranian delegation is set to visit Austria this month.

SWIFT, the international payment network, began reintegrating Iranian banks into the system in February after a four year ban. This has allowed global transactions to resume and lines of credit established between banking institutions facilitating trade. With all Iranian banks that are no longer restricted by international sanctions reconnected, trade relations have been reestablished, particularly with members of the European Union.

Below is information about Kish INVEX, a conference hosted by Open Iran Ltd., a foreign investment firm, in conjunction with BTK, Baharan Tadbir Kish.

Event:

Kish INVEX 2016

Where:

Kish International Exhibition Center, Kish Island, Iran

When:

October 31st to November 3rd 2016

Additional Details:

Kish INVEX 2016 is the 8th Annual International Exhibition for Presenting Iran’s Investment Opportunities and 3rd Annual International Exhibition of Exchange, Banking, Insurance and Privatization. The exhibition seeks to bring together representatives from various industries and investors in order to better understand the financial capabilities of the Iranian market.

If you have an interest in attending, please reach out to info@us-iran.org for more details.