Archive | Finance

Iranian, Turkish Central Banks Ink Currency Swap Deal

Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Turkish counterpart, Murat Cetinkaya, signed an agreement, according to which the two countries can conduct trade transactions through using their national currencies. During a meeting between visiting Iranian First Vice-President Eshaq Jahangiri and Turkish Prime Minister Binali Yildirim in Ankara, Seif and Cetinkaya signed […]

Dentons advises Quercus on €500m Solar Energy Deal

Dentons Europe LLP has advised Quercus, one of the world’s largest renewable energy investors, on a deal worth more than €500 million with Iran’s Ministry of Energy for the development, construction and operation of a 600 MW solar energy photovoltaic (PV) plant in Iran. This is Quercus’ first investment outside of Europe and represents the […]

No Change in IMF Policy on Iran

By John Lee. The Managing Director of the International Monterey Fund (IMF) has said the IMF sees no reason to change its policy on granting loans to Iran, despite US pressures and bans. Christine Lagarde (pictured) told a news conference on Sunday: “You know, we operate with 189 members, and we only provide support and […]

Italian Group Buys into Iranian Asset Management Firm

Italian asset manager Azimut Group has signed an agreement to acquire 20 percent of Mofid Entekhab, the largest independent asset management company of Iran, which is part of the Mofid Group, the largest brokerage firm and financial advisory in the country. At the same time, Azimut and Mofid Securities have signed a shareholders agreement to […]

Iran, Turkey to Finalize Currency Swap Deal

The Governor of the Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to neighboring Turkey, said the two countries plan to finalize their trade exchanges based on currency swap. In remarks released on Tuesday, Seif referred to efforts to realize the goal of $30 billion of annual bilateral trade between […]

Iran, Turkey sign 4 Cooperation Pacts

Iran and Turkey have signed four Memorandums of Understanding (MoUs) to deepen relations between the two countries: between the Iranian Ministry of Economic Affairs and Finance and the Turkish Ministry of Customs and Trade; between the Central Bank of Iran (CBI) and the Turkish Central Bank; between the National Library of Iran and the Turkish […]

Half of Iran’s Banks should Close or Merge

By John Lee. Closures and mergers of Iranian banks will be needed to modernise an industry laden with toxic loans, according to one of the country’s top bankers. Reuters reports that Parviz Aghili [Parviz Aghili-Kermani], chief executive of Middle East Bank, estimated that a full re-organisation of the Iranian banking sector’s roughly $700 billion balance […]

SCOR agrees CAT Excess of Loss Deal with Iran

By John Lee. French-based global reinsurance company SCOR has reached an agreement concerning “CAT excess of loss in Iranian insurance market.” The deal was finalised at a meeting in Paris between Dr. Abdolnaser Hemmati, the President of Bimeh Markazi Iran (Central Insurance of IR Iran), and Victor Peignet, Chief Executive Officer of SCOR Global P&C. […]

French State Bank to Fund Projects in Iran

French state bank Bpifrance will finance investment projects of French companies in Iran from 2018, granting up to 500 million euros ($598 million) in annual credits, its CEO said on Sunday. “Excluding a force majeure case, we will be on their side in early 2018. We are the only French bank that can do it […]

Austria Signs Major Finance Deal with Iran

Austria’s Oberbank has signed a credit deal with Tehran to boost exports to Iran, the first European lender to do so since anti-Tehran sanctions were lifted following the 2015 nuclear deal between the Islamic Republic and world powers. Oberbank said the framework agreement will finance Austrian investment projects in Iran’s infrastructure, healthcare and plant construction […]

Iran Signs €500m Deal with Danske Bank

By John Lee. Danske Bank has signed a €500-million finance deal with a group of Iranian banks. Under the agreement, the Danish bank will allocate resources to finance construction and production projects of the private and public sector in Iran. The Iranian banks involved include: Bank Mellat, Bank Pasargad, Bank Sepah, Parsian Bank, Saman Bank, […]

French Law Firm sets up Tehran Office

By John Lee. French law firm Gide Loyrette Nouel has announced the inauguration of its new office in Tehran. In a statement, the company said: “In line with its pioneering spirit, Gide becomes the first international law firm to obtain a licence in order to open a branch office and practise in Iran under its […]

Iran, China Ink $10bn Finance Deal

The CITIC Trust, a major Chinese investment company, signed an agreement with five Iranian banks to open a $10bln line of credit to support construction projects in the Islamic Republic. The agreement was signed between the representatives of CITIC Trust and a consortium of Iranian banks at CITIC Group headquarters in Beijing on Thursday. The […]

Russia lends €1.2bn for Iranian Power Plant

By John Lee. Russia’s state-owned Vnesheconombank (VEB) has reportedly agreed to lend Iran’s Bank of Industry and Mines €1.2-billion over five years for the development of the  1,400-MW Hormozgan thermal power plant. According to PressTV, Russian President Vladimir Putin said in February that Moscow would grant a total of €2.2 billion to Iran for two […]

IFC signs Data Vending Agreement with Greek Firm

By John Lee. The Iran Financial Center (IFC) has reportedly signed a data vendor agreement with Greece’s Inforex S.A.. Under the deal, the IFC will provide Inforex with data about Iranian companies listed on the exchanges for a period of two years, while Inforex will commit to offer them to the foreigners interested in making […]

Austrian Bank to Finance Iranian Deals

By John Lee. Austria’s Oberbank will reportedly provide credit for Austrian companies doing business in Iran. Chief Executive Franz Gasselsberger (pictured) told Reuters that the deal will be signed at ceremony on 21st September at its headquarters in Linz, adding that he has “very concrete projects in the fields of infrastructure, rail, health, hospital construction, […]

Brazil’s Ambassador meets with BIM Boss

Brazil’s ambassador to Iran, Rodrigo de Azeredo Santos, has met with Ali Ashraf Afkhami, Chairman of the Bank of Industry and Mines (BIM). In the meeting Afkhami explained the success of the Bank in the financing of infrastructure development projects such as steel, cement, railways, power stations and petrochemical plants, and talked about the launch […]

12 Banks in Iran-Korea €8-bn Finance Contract

The Managing Director of the Export Development Bank of Iran (EDBI) has said that 12 banks are “agent banks” in the €8-billion Iran-South Korea finance contract. According to the contract signed with the efforts of the Ministry of Economy, the Central Bank, the Organization of Investment, Economic and Technical Assistance of Iran (OIETAI), and 12 […]

Due Diligence in Iran “Can Trigger Sanctions Violations”

The recent settlement agreed between the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and IPSA International Services of Phoenix, Arizona, highlights the risk that companies face when engaging third-party consultants to perform due diligence on counterparties in Iran. So says a paper from Washington-based legal and lobbying firm Akin Gump Strauss Hauer […]

OFAC agrees settlement with IPSA International Services

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $259,200 settlement with IPSA International Services, Inc. (IPSA) of Phoenix, Arizona. IPSA agreed to settle its potential civil liability for 72 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). The apparent violations involve, on […]