Bank Muscat to open branch in Tehran

TEHRAN (Tasnim) – The Central Bank of Oman (CBO) has approved the request from Bank Muscat, Oman’s largest lender by market value, to open a representative office in Iran, a report said.

The approval makes Bank Muscat one of the first foreign financial firms to establish a presence in Iran following the recent implementation of the Joint Comprehensive Plan of Action (JCPOA) between Tehran and six world powers, the Jordanian news website al-Bawaba reported on Monday.

Bank Muscat did not give any information about when the bank will officially start its activity in the Islamic Republic.

Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached a nuclear deal on July 14, 2015 and started implementing it on January 16.

The comprehensive nuclear deal, known as JCPOA, terminated all nuclear-related sanctions imposed on Iran.