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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 […]

Kerry Reassures European Banks over Iran Trade

By John Lee. U.S. Secretary of State John Kerry told Europe’s top banks they have nothing to fear from resuming business with Iran, as long as they make proper checks on trade partners and pursue “legitimate business”, according to a report from Reuters. Addressing a meeting of executives from leading European banks in London, he […]