The Paris branch of Bank Saderat Iran, henceforth, is permitted to offer all banking services to its clients, after lifting of residual limitations, according to the Central Bank of France.
Bank Saderat is one of the broadest Iranian private banks which has 2700 branches in Iran and 27 branches out of the country.
As published on the website of Bank Saderat, this decision has been taken as a result of the diplomatic, banking and legal actions engaged by the Bank Saderat representatives after the execution of the nuclear agreement.
Consequently, the central bank of France, Banque de France, by a letter has announced Bank Saderat of Iran’s Paris branch the lifting of all restrictions applied to the banking services due to the sanctions. Therefor the bank is able to provide complete services as of 31 March.
The letter of the central bank of France states that Bank Saderat and its PLC branch in London have been eliminated from the list of sanctioned organizations by the earlier announcement of the European Union. It continues that the elimination of sanctions on Bank Saderat, as the most globally active Iranian bank and removal of restrictions on Bank Saderat Paris branch subsequently, will have positive affect on the Iranian economy as well as its beneficiaries.
According to the UK Treasury, the UK Council regulation (ET) 267/2012 has been revised and there are no restrictions on the assets of Bank Saderat Iran and Bank Saderat PLC.
Bank Saderat Iran (BSI) established his first branch in London since 1963. Later in 2002 this branch jointly with Iran Overseas Investment Bank PLC, launched Bank Saderat PLC.
Bank Saderat through its 27 branches abroad, having half of the total global contribution of Iranian banks. Considering the wide networks of Bank Saderat and variety of services provided, by expanding its branches, Iranian economy will benefit in several aspects such as:
– Accelerating and facilitating trade in international markets.
– The cost of foreign-exchange transactions will reduce.
– Investment opportunities will increase.
– Ability to provide forex services and the consequent rise in profits.
– Enhancing the banks’ share value.
Moreover, after lifting of sanctions, the bank is able to connect to the interbank messaging network of the SWIFT and gain further credibility and facility to simplify international transactions and development of its macroeconomic position.
Iran is hoping for bright horizons in its banking relationships with the business world
Bank Saderat stated in its announcement that it will continue its effort to eliminate all remaining international obstacles. Also through full cooperation with the Central Bank of Iran and the Ministry of Economic Affairs and Finance, will devote any possible economic opportunities.
After the nuclear accord in 2015 and the subsequent lifting of sanctions, Iran is wishing for a swift rehabilitation. One of the main preventive points for its reintegration, is that it has been failed to persuade Western banks in doing business with Iran.