(26 July 2004 – Asia) Standard Chartered is continuing its assault on markets in the Middle East and Southern Asia, becoming the first international bank to gain a license to operate in Iran.The UK bank, along with HSBC and National Bank of Kuwait, has also been given a licence to operate in Iraq. It also currently operates in Afghanistan and is considering moving into Libya.
Standard Chartered said it applied to Iran’s authorities last year, and will open a branch in Iran’s Kish Island free trade zone.
“With a long history of valued partnerships in this region, this is a key step in ensuring we can bring our expertise and network to benefit our customers in Iran and around the region,” the bank said.
The Kish region has been established as a competitor to Iran’s Middle Eastern neighbours such as Bahrain and Dubai, which have attempted to attract shopping tourists with their imported goods.
Standard Chartered originally set up Irano British Bank but the bank was nationalised after the Islamic revolution of 1979 which saw the Shah ousted.