Saudi Arabia, Iran to found a joint bank

Saudi Arabia and Iran signed an agreement to found a joint Saudi- Iranian bank with Bahrain as a headquarters and has branches in other countries and free zones in Iran.

The executive director of the Iranian commercial bank Ali Meilani said that the Iranian commercial bank is in charge of coordination, as a representative for the Iranian side, while the Saudi side is coordinated for in the Saudi banks by the Saudi prince Nayef Bin Abdul Aziz. Meilani stressed that the two sides will form a joint committee to follow up the foundation of the Bank and to attract investors.

He explained that several financial and banking institutions in Saudi Arabia are contributing to founding the bank and the idea of establishing it was debated during the visit made by the Iranian President Muhammad Khatami to Saudi Arabia in 2000.

The agreement states to invite one of the greater banks to contribute to this joint bank with the aim to boost banking activities.