TEHRAN (Tasnim) – After continuous efforts by the Trade Promotion Organization of Iran (TPOI), the VTB Bank of Russia, as the second largest bank in this country, inaugurated its representative office in Iran.
Head of the TPOI Alireza Paymanpak announced this in a post on Twitter on Wednesday and stated this is the first Russian bank that has a direct presence in the Islamic Republic.
The presence of the VTB Bank of Russia will be effective in transferring a part of FOREX revenues from the TRUST network to the banking network system as well as transparency of trade, he emphasized.
The asset value of this Russian bank stands at $285 billion, which accounts for 10 percent of the total asset value of Russia’s banking system.
VTB Bank is a Russian majority state-owned bank headquartered in various federal districts of Russia and its legal address is registered in St. Petersburg.