Iran, Syria to establish jointly-run bank

Bank Saderat of Iran and Commercial Bank of Syria are to establish a jointly-run bank, it was announced on Monday.

According to the Public Relations Department of Bank Saderat, the agreement for establishment of the bank was reached in Syria during the recent visit of Iran's First Vice President Parviz Davoodi to that country.

Managing Director of Bank, Saderat Hamid Borhani, who was part of the high ranking delegation accompanying the first vice president to Syria, held talks with the officials of Syrian Commercial Bank to on establishment of the jointly-run bank.

Bank Saderat with 20 active branches, four independent banks and two supervisory offices abroad is among the most active Iranian banks outside the country.

Having five active branches in Lebanon, the bank is to open another three branches by the year end in Lebanon.