August 11, 2022

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Offshore Bank to Be Launched With $50m Capital

Offshore Bank to Be Launched With $50m Capital
Offshore Bank to Be Launched With $50m Capital

Secretary of High Council of Iran Free Trade and Special Economic Zones says the capital base for the launch of the first offshore bank of the country on Kish Island is $50m but since big shareholders have entered the consortium, they have requested to increase the early capital to $200m.

TEHRAN (Iran News) –Secretary of High Council of Iran Free Trade and Special Economic Zones says the capital base for the launch of the first offshore bank of the country on Kish Island is $50m but since big shareholders have entered the consortium, they have requested to increase the early capital to $200m.

Speaking to ILNA, Saeed Mohammad said that Iran’s Central Bank has announced its agreement with the launch of the first offshore bank of the country on the Kish Island, and the council is to announce the names of the required shareholders.

He added that with correspondence with the Central Bank, the Council has formed a consortium of shareholders for the offshore bank of Kish but due to some reasons as well as sanctions, the members of the consortium will not be revealed.

Mohammad added that in two week, the Council will officially submit its proposal to the Central Bank, adding that the early capital for the launch of the first offshore bank of the country is $50m but since big shareholders have joined the consortium, they have asked to increase the early capital to $200m.

He added that the Council has identified good and efficient ways for transfer of the forex and SWIFT capabilities and banking operational for this offshore bank, adding that with the launch of this offshore bank in Kish free zone, the banking transactions will be possible.

According to reports, first the Central Bank had asked for $150m for the early capital base for the launch of the bank but after talks the figure reduced to $50m.

Original News : https://irannewsdaily.com/2022/06/offshore-bank-to-be-launched-with-50m-capital/

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