With the sanctions having being lifted a big step was made. But much more important for the suffering economy is the weak banking industry. Not only have banks suffered the last years from the dropping profits and thus rising number of unpaid debts, but much more they have not support the Iranian companies in their need of cash or facilited transnational business. So the latest news from France gives a glimpse of a light in the shadow.
Bank Saderat is resuming Paris business
On its website, the bank stated "Following ongoing and effective diplomatic, legal and banking measures taken by the Bank Saderat officials in the aftermath of the implementation of the nuclear accord, the central bank of France has officially announced the complete lifting of restrictions put in place as a result of sanctions in a letter to the Paris branch of the bank".
That means by now, the privately held Iranian bank can start to become a stable pillar for European business. This move follows the approach in UK in last year, when the UK Treasury announced that asset freeze no longer applies to BSI and Bank Saderat PLC.
Growing Iranian Bank business in Paris
With Bank Melli Iran and Tejarat Bank two more Iranian banks have branches in Paris. With this increasing number of well-known banks, Paris could move now with the Brexit to Iranians number one location for banking business. That can boost not only Iranian-France business but much more the France position after Brexit in European banking industry.
Germany also in good position
But as the bank was back to business in Germany already last year, still Germany is on the track to win the race ….
Stay tuned
Yours K-Street6 Team