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Iranians buy shares of Chinese banks

Source: Press TV

Iran's private sector has bought shares of some Chinese banks in order to resolve some banking and financial issues between the two countries' private sectors.

"Iran's private sector is interested in buying more shares at Chinese financial and credit institutions," the head of Iran-China Chamber of Commerce Assadollah Asgarowladi told Iran's Mehr News Agency on Tuesday.

One can gain a seat on the board of directors of a company or an institution once they buy 20 percent of its shares," he noted.

Mehr News Agency says it has heard that the Iranian private sector has so far bought five percent of the shares of some Chinese banks.

The Iranian stake at each of the Chinese banks with which Iranians cooperate would increase to 20 percent, according to the report.

Asgarowladi also said that Iran's Central Bank has proposed a joint bank be created between Iran and China.

The US administration has in recent years constantly tried to sanction Iranian banks while financial institutions in Russia, China, and much of the Middle East have refused to cut ties.

China has overtaken the European Union to become Iran's largest trading partner, according to a new analysis of the commercial ties between the two countries.

Iran imports consumer goods and machinery from China and exports oil, gas, and petrochemicals.

... Payvand News - 04/13/10 ... --

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