Russia’s VTB bank to upgrade Tehran office to branch
Russia’s second-largest lender, VTB, has announced it will upgrade its representative office in Tehran to a branch, becoming the first Russian bank to establish a branch in Iranian territory.
VTB said in a Sunday statement that the decision to upgrade the bank’s office in Tehran to a branch had been adopted considering the prospect of growing economic and trade relations between Iran and Russia and to respond to demands by Russian businesses to receive banking services in Iran.
The statement, seen by Iran’s official IRNA news agency’s office in Moscow, said VTB hopes its branch in Tehran could start operating by the end of 2025 after receiving the approval of qualified financial authorities in the country.
The lender said Russia’s central bank had already endorsed VTB’s decision to launch a branch in Iran, adding that the branch will initially provide services to Iranian and Russian businesses with foreign activities while gradually offering other banking products and payment services related to Iran.
It said a priority of the branch will be to settle accounts in national currencies and to finance trade and export development schemes.
The bank said, however, that the structure of the branch and the number of its staff, which it said will include Russian and Iranian experts, will be decided by the trade needs of Iran and Russia and the laws and regulations governing the Iranian banking system.
The announcement comes just two days after Iran and Russia signed a strategic partnership treaty that outlines the roadmap for cooperation between the two countries for the next 20 years.
VTB launched its representative office in Tehran in May 2023 as part of efforts by Iran and Russia to expand their relations to counter foreign sanctions targeting their economies.
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