Mohammad Reza Sarokhani explained that since two years ago we have got involved in opening a branch in Germany, adding Sina Bank has made a contract with KPMG, prestigious international audit firm since two years ago to evaluate and adapt the bank circumstances with international standards. KPMG is also one of the big financial consulting firms and has been approved by Germany's Buffin, supervisory authority over the country's monetary market.
He went on to say that these standards are within documents, including business model and strategy, internal audit charter, risk strategy document, policy document for regulations adaptation, anti money laundering and terrorist financing document.
Sina Bank's member of the board of directors mentioned that after KPMG's report, we offered our request to open a branch and also required licences were taken from Iran's Central Bank roughly 45 days ago, now our licence issuance is in progress by Germany which is expected the bank's branch to be opened in Munich soon.
Regarding capital adequacy ratio in international activities, Sarokhani said undoubtedly if banks' capital adequacy ratio doesn't be good, there is no activity request in international area, expressing his hope that by opening the branch in Munich, we will be able to respond our customers' needs in international scope well.
