Bank Muscat Granted Approval For Iran Office
The bank could become one of the 1st foreign lenders to enter the country
The board of Oman’s central bank has granted approval for the country’s largest lender by market value Bank Muscat to open a representative office in Iran, following a meeting Sunday.
As a result, Bank Muscat could become one of the 1st foreign financial firms to establish a presence in Iran since nuclear-related sanctions were lifted against the country in January.
The bank did not say when the office would open.
The approval follows a number of proposed deals between the 2 countries including an agreement between Oman’s sovereign wealth fund and Iran’s Khodro Industrial Group to study a proposal for a $200-M automotive plant in Oman.
At a February meeting between Iran’s President Hassan Rouhani and Oman’s Foreign Minister the 2 discussed cooperation in the development of ports, civil aviation, rail and banking.
A Nat Gas pipeline between the 2 countries with the capacity to carry 1-B cubic feet of gas per day is also planned to become operational in Y 2019.
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