BMI (Bank Melli Iran) to establish branch in Baghdad by yearend

[Barrett808]

BMI to establish branch in Baghdad by yearend
Saturday, December 10, 2005 - ©2005 IranMania.com

LONDON, December 10 (IranMania) - Bank Melli Iran (BMI) has already received the guidelines from Iraq?s Central Bank for establishing a branch in Baghdad. The branch must be registered with Iraq?s Ministry of Commerce by the end of 2005, director of Foreign Affairs Units Office of BMI Mohsen Ghadimipur said on Friday.

"After completion of registration process, which is underway, the branch location in Baghdad would then be determined," the director stated. He also considered this development in line with BMI's regional expansion policy, adding, "In the last two years, we have established the Future Bank of Bahrain and the Arian Bank in Afghanistan, and the plan to run a branch in Pakistan is also on the agenda."

Pointing to Iraq's economic climate, "Due to increasing exports from Iran and credit allocation of one mln dollar to this end, presence of a branch will play a great role in reducing the risk involved in money transfer as well as increasing trade volume," he prompted.

In the present, the BMI has 12 branches abroad while maintaining the holdings of four independent banks in other countries.

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