Major Iranian Private Banks Link Up With Korean Peers

Following the final agreement for a multibillion dollar South Korean finance deal for Iranian projects, private Iranian banks have signed a memorandum of understanding with their South Korean counterparts with the aim of expanding correspondent banking relationss. The MoU was signed during a meeting in Seoul between Kourosh Parvizian, the head of Iranian Association of Private Banks and Credit Institutions and the Korea Federation of Banks Chief Ha Yung-ku on Friday. "Banking executives of both nations met for bilateral negotiations on [removing] hurdles on the way of establishing banking ties and engaging in banking transactions, and agreed on a number of issues to expand their ties," Mohammad Reza Jamshidi, secretary-general of Iranian Private Banks' Association, told IRNA. According to Jamshidi, a delegation consisting of chief executives with a number of major Iranian private banks and credit institutions travelled to the South Korean capital at the invitation of KFB.