(Representational Image)Three Iranian banks have told Bavaria’s economy minister that they plan to open branches in Munich to help stimulate more business ties with German firms, the Muenchner Merkur newspaper reported on Sunday. Middle East Bank, Parsian Bank and Sina Bank have received approval from Iran’s central bank to set up branches overseas, the minister, Ilse Aigner, told the newspaper. “That is why having branches of Iranian banks in Munich is particularly important for our businesses. Under the nuclear sanctions, Iranian companies used methods such as transfers of funds through money changers to conduct trade, which was expensive, time-consuming and sometimes unreliable. Aigner told the paper that the Iranian banks would now get professional help for setting up satellite offices in Munich and navigating the approval process.

Source: Indian Express September 04, 2016 15:22 UTC