Future Bank to establish first branch in Qeshm

He added that based on an agreement with the Central Bank of Iran (CBI) the branch of Future Bank, as the first foreign bank will be also established in Tehran.

Based on the coordination between the CBI, BMI and Bank Saderat Iran (BSI) it has been decided to have a more active presence in Bahrain, as independent regional banks, Seif said, adding that branches of the said banks will be merged to continue activities as the Future Bank in Qatar and Oman.

He explained that Future Bank, incorporated in Bahrain, has been set by the BMI, BSI and Ahli United Bank (AUB) of Bahrain. The new venture is equally owned and equally controlled by the three institutions.

He further explained that at the first session of Future Bank General Assembly, the BMI managing director was selected as chairman of the board of directors, and the managing directors of BSI and AUB were chosen as the first-vices. The bank has nine members.

The most important duty of Future Bank is to cooperate with international banks and facilitate business between the regional countries, Seif stated.

He also explained about the electronic banking in Iran, noting that the state electronic banking should have the required security. The primary opportunities have been provided in this regard, however, due to certain problems such as inability of the telecommunications in transferring the information and lack of proper information amongst the general public for using the mechanism, implementation of this project has been delayed.

The CBI is in charge of paving proper ground and establishing the required infrastructures for operating the electronic banking, Seif added in conclusion.

FK/AJ/MA

END

MNA