• 8 September 2017 - 13:14
  • News Code: 74622
پرچم ایران- کره جنوبی

Chairman of S.Korea's federation banks signed an MOU with the head of Iranian Association of private banks to expand banking ties between two countries.

A South Korean bank lobby said Friday it has signed a memorandum of understanding with its Iran counterpart to boost bilateral cooperation.

The Korea Federation of Banks and the Iranian Association of Private Banks agreed to facilitate the banking services for exporters and importers of both countries, according to the federation.

The MOU was signed between KFB Chairman Ha Yung-ku and his Iranian counterpart, Kourosh Parvizian, earlier in the day in Seoul.

The move is designed to meet growing demand for financial services due to increased trade.

In 2015, Iran and the six world powers reached a landmark nuclear agreement, removing economic sanctions that were imposed on the resource rich country over the past decade, opening up a new market with a population of 80 million.

The Korean federation said it and the Association of Private Banks also agreed to expand the cooperative relationship between local and Iranian banks, and to cooperate in areas that promote new banking methods.

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