TEHRAN- The sixth edition of Iran-Europe banking and business forum kicked off on Saturday morning in the presence of Iranian and European high-ranking banking officials at Tehran’s Espinas Palace Hotel, IRIB news reported.

As reported the two-day event revolves around several subjects including Iran’s banking and trade relations two years after the implementation of its nuclear deal (known as JCPOA), as well as the perspective of Iran and Europe’s banking ties in the future, risk management, non-performing loans (NPL), International Financial Reporting Standards (IFRS), renewable energy resources, and finally introducing investment opportunities in Iran.

As Ali Divandari, the head of Iran’s Monetary and Banking Research Institute (MBRI) and the event’s secretary, announced addressing the forum, Iran’s banking relations were restricted to five or six banks under the Western-led sanctions, while the figure has presently reached up to 287 ones.

“Despite Iran could make a number of new banking connections as of the implementation of the nuclear deal in January 2016, the country is still looking for major European banks to develop its banking ties,” he added.

“The country could manage to open 38,450 credit lines during the past two years,” he noted, “In its post-sanction era, Iran became successful to do above 161,000 financial transactions with Europeans and was able to manage $87 billion of its financial resource.”

Call for establishment of Iran-Europe banking association

On the way to expand Iran-Europe banking ties, Head of OSACO Financial Nader Maleki called for formation of a banking association.

Making the remarks during the forum, he underlined the significance of investment stability to attract foreign investors which entails establishment of Iran-Europe banking association.

OSACO Financial is a globally connected firm of highly experienced financial compliance, anti-money laundering and financial crime experts. Based in Tehran and the United Kingdom, it is focussed exclusively on the Iranian financial market, offering a flexible, cost-effective and step-by-step approach, enabling banks to reach globally recognised standards of financial compliance.

HJ/MA