TEHRAN (FNA)- An Iranian banking official announced that over 10 million euros of Bank Mellat's frozen assets in Europe has been transferred via Germany to the bank's branch to Yerevan, Armenia.

"A sum of 10.5 million euros of Bank Mellat's frozen cash has been transferred to Bank Mellat's account by Iran-Europe Bank in Germany," Director of Yerevan Branch of Iran's Bank Mellat Seyed Gholamreza Moussavi told FNA on Wednesday.


He reiterated that the removal of sanctions has helped Bank Mellat to release its frozen assets in Europe.


Bank Mellat has had a branch in Yerevan since 1996.


In early April, Armenian President Serzh Sargsyan said his country is seeking bolstered economic ties and cooperation with Iran after its July 2015 nuclear deal with the world powers and lifting of sanctions.


"Reaching of an agreement over Iran�s nuclear program was a very positive development for Armenia," Sargsyan said, addressing the US students and professors at the John F. Kennedy School of Government at Harvard University.


"It is apparent that, to be interesting for the major foreign economic partners, Armenia�s small market (�) needs to be integrated into the formats of greater economic cooperation," the Armenian president stressed.


Sargsyan added that Armenia is endeavoring to advance its joint energy and transport projects with some of its neighboring countries, including Iran.


By Fars News Agency