Belarus registers new Iranian bank

The National Bank of Belarus (NBB) has registered a second bank in the country with Iranian capital, an official at NBB says.

The new Iranian bank, which was registered last week as "Honor Bank", will provide financial services for foreign trade relations between Iran and Belarus, said the head of banking supervision at NBB, Sergei Dubkov.
He was speaking at a conference on cross-border cooperation, organized by the International Reserve Bank.

Dubkov added that the authorized capital of the new banking institution is 11.5 million euros.

According to another informed source, the new bank will not only focus on Iran-Belarus joint investments, but also act as mediator between Belarus and the Arab market.

Last year, Iran's Tejarat bank and Belarus' Lada OMS Holding set up a new bank in Belarus with an authorized fund of more than 5 million euros, with Tejarat owning more than 96 percent of the shares.