Iranian Deputy Minister of Trade, Industry and Mines Alireza Peymanpak noted that VTB's presence will help improve the transparency of banking operations.
VTB Bank of Russia has a representative office in Iran, said the deputy head of the Ministry of Industry and Trade, the head of the Trade Development Organization of the Islamic Republic of Alireza Peymanpak. He was quoted by Mehr News Agency.
The official said that thanks to efforts of Trade Development Organization of Iran, VTB officially opened a representative office in the republic.
Peymanpak said that VTB has become the first Russian bank that is directly represented in the Islamic Republic. The presence of the Russian bank will help to improve the transparency of operations of financial institutions, the official stressed.
VTB has not yet commented on this information.