File - QNB's Headquarters on Al Corniche in Doha, Qatar, May 5, 2013. (Wikipedia/Trinidade)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Gulf banks including Dubai's largest lender Emirates NBD are already meeting prospective clients and taking legal advice about entering Iran's financial system now that many international sanctions have been lifted.Other sanctions prevent U.S. persons from trading with Iran and also prohibit Iran trades in U.S. dollars from being processed through the U.S. financial system via the New York Federal Reserve.Regional banks are likely to lead the way on business deals. Aside from trade finance, wealth management and project finance are seen as potential sweet spots for banks entering Iran, though some banks will be wary of their chequered history of Iranian business dealings.Commerzbank and Deutsche Bank are among several international banks fined in the past for violating U.S. sanctions. Commerzbank is nevertheless looking into Iran. Another complication is that banks and businesses will not be able to use U.S. correspondent banks for clearing or settling any Iranian business deals.
FOLLOW THIS ARTICLE