Russian Bank Expands into Iran with New Branch Opening

The Russian bank VTB opened a branch in Iran, thus, VTB became the first Russian bank to open a branch in the country, and this is happening as part of strengthening financial and banking relations between Moscow and Tehran.

This was stated by Deputy Minister of Industry and Trade of Iran Ali Reza Peyman Pak and indicated that VTB opened an office in the Iranian capital Tehran.

The official tweeted: “After continuous efforts and support from the Iranian Trade Development Organization, VTB, which is the second largest Russian bank, has opened a branch in Iran. This is the first Russian bank to operate directly in Iran and transfer part of the foreign exchange proceeds to the banking network, which will ensure commercial transparency.

Prior to this, VTB was the first Russian bank to launch transfers in Iranian rials, and thanks to the service, bank customers could send money to Iran to individuals and legal entities within one day.

Source: Prime

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