Austrian bank to open branch in Iran

Austrian banks are ready to broaden cooperation with Iranian banks and establish branches in Iran in the near future, the Austrian Ambassador to Iran Friedrich Stift said at a conference on developing Iran-Austria trade cooperation.

"Austrian banks intend to return to Iran. An Austrian bank has already voiced its readiness to establish branch in Iran," the Fars News Agency cited him as saying.

Stift underlined that the establishment of Austrian banks in Tehran will also help broaden economic relations between the two countries.

He also noted that in the past years trade between the two countries reached €800 million with Austria importing goods worth €400 million from Iran.