Korea Federation of Banks (KFB) has inked a Memorandum of Understanding (MoU) with Iran's Association of Private Banks (IAPB) to deepen bilateral cooperation.
As announced by KFB, the Korean body and the Iranian Association of Private Banks agreed to enhance banking services for exporters and importers of both countries.
The MOU was signed between Ha Yung-ku, Chairman of KFB, and CEO of IAPB Kourosh Parvizian in the South Korean capital of Seoul.
The Initiative is aimed at meeting the growing demand for financial services as a result of an uplift in volume of trade turnover between the two countries.
Iran signed a nuclear agreement with the 5+1 group of countries in 2015. The landmark deal led to removal of economic sanctions imposed against Iran over recent years and provided the world with access to a market with a massive population.
KFB and IAPB also agreed to expand cooperative relations between local and Iranian banks as well as to join hands in arenas that promote new banking methods.