TEHRAN – A permit was issued here on Saturday by the Central Bank of Iran (CBI) for the establishment of a foreign bank.

The Money and Credit Council ratified the setup of banks with joint Iranian and foreign investment and branches of foreign banks in the country last Iranian calendar month of Ordibehesht (April 21-May 22).
Iran-Europe Trade Bank was the first inaugurated in Germany on Jan. 1, 2005 and its branch started work on Kish Island, southern Iran, with an initial capital of 160 million euros.
Some 50 percent of the shares of bank was owned by the Bank of Industry and Mine, while Bank Mellat and Bank Tejarat account for 27 and 18 percent respectively and the remaining shares belong to other banks including Bank Refah Kargaran.
The Britain-based Standard Chartered was the second bank that opened a branch in Kish in mid-2005.
Standard Chartered is a UK-based international bank which is focused on the established and emerging markets of Asia, Africa, the Middle East, the Subcontinent and Latin America.
The Bahrain-based Future Bank, a joint venture between Ahli United Bank, Bank Melli Iran and Bank Saderat Iran, is the third one.
The bank which has a capital outlay of $99 million is the first Iran-PGCC banking venture for 20 years and is to facilitate the flow of capital between the countries.
The banks are considered as brokers between the foreign banks and the branches in Iran.
Kish Island is situated 300km from Bandar Abbas in southern Iran and is one of the most beautiful islands in the Persian Gulf