TEHRAN- Russia’s Tempbank  will establish a branch in Iran’s southern island of Qeshm in the near future, said Mikhail Gagloev, the bank’s chairman of the board.

In a meeting with Hamidreza Mo’meni, the managing director of Qeshm Free Zone Organization, in Moscow on Wednesday, Gagloev said his bank will set up the branch in Qeshm in order to facilitate economic and trade ties between Iran and Russia, the IRNA news agency reported.

Iran is a country with an old civilization; the Russian director noted, adding that there is a very noticeable economic and trade relation between Iran and Russia.

Mo’meni, for his part, welcomed establishment of Tempbank’s branch in Qeshm and referred to Russia as a friend of Iran during the period of West-led sanctions against the Islamic Republic; saying, “Iran’s strategy for relation with other countries in the post-sanctions time is to prioritize countries that stood beside us during the sanctions era.”

Being established in 1989 under the license of Russian Central Bank,  Tempbank is a universal commercial bank with a wide range of financial services for individual and corporate clients.

MA/