Russia's VTB bank plans to open a full-fledged subsidiary bank in Iran by the end of 2025, President and Board Chairman Andrei Kostin said.
"We are announcing today that we plan to open a bank by the end of this year," Kostin said.
VTB opened a representative office in Iran in 2023. VTB will be the first Russian bank to enter the Iranian financial market, he said.
"We are appealing to Iran's leadership, and we expect to be granted permission by the end of the year. We currently have a representative office that we opened in October 2023. We are currently transforming it into a full-fledged bank," Kostin said.
