Moscow, IRNA – Russia’s second largest bank, VTB, has said it is scheduled to convert its Tehran office into a branch.
In a statement on Sunday, a copy of which was obtained by IRNA’s Moscow office, the VTB said that the decision to open a branch in Iran, which will be the first branch of a Russian bank in the country, comes in the light of strengthened trade and economic ties between Tehran and Moscow.
The move will mitigate challenges associated with international transactions between the two nations, according to the statement.
The VTB stressed that opening this branch will require the approval of Iranian financial regulatory authorities which is a process that it said will take until the end of 2025.
The Russian bank, however, said that it has secured the approval of the Central Bank of the Russian Federation.
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