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Iran's Bank Saderat says overseas operations still profitable despite U.S. sanctions

TEHRAN, Jan. 05 (ISNA)-In spite of the U.S. pressures on Iran's Bank Saderat (Export Development Bank), the overseas operations are still profitable.

The unilateral sanctions of the United States have only influenced a third of Bank Saderat's foreign partners. Out of 600 foreign financial institutions, 200 have stopped their operations with Iran.

According to the bank managing director Hamid Borhani, the institution has focused on the East and the Middle East institutions are turning to its top overseas partners.

The bank's 25 subsidiaries including the one in London are continuing their operations.

Borhani emphasized the sanctions will not prevent the bank's plans for privatization, development, and progress in electronic and internet banking.

He added U.S. claims against Bank Saderat accusing it of transferring money to militant groups in London and Lebanon's branches are unfounded.

... Payvand News - 01/05/08 ... --

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