Oberbank, one of Austria’s biggest banks, recently allocated a € 1 billion line of credit to finance investment projects in Iran, Austria’s Minister of Finance Hans Jorg Schelling announced in a meeting with his Iranian counterpart in Teheran. "Negotiations between the two countries’ central banks have also been finalised while there are a number of Austrian banks interested in establishing correspondent relations with Iranian banks” Mr. Hans Jorg Schelling said. Under his leadership a high-ranking Austrian delegation consisting of government officials and major Austrian banks recently travelled to Iran to promote bilateral trade, expand economic relations and resolve banking issues.
Iran's Foreign Minister Mohammad Javad Zarif & Austria's Minister of Finance Hans Jörg Schelling
Last year Mr. Helmut Steuer, Head of the Chamber of Commerce of Austria’s Vorarlberg region, already stated that key banks such as Bank Austria and Raifeissen Bank International would be specifically interested in cooperating with their Iranian partners.
The approach by international banks to enter the Iran market, is a direct result of the growing trade with Iran after the lifting of sanctions early 2016 and shows that Iran is making good steps to simplify and improve international bank transfers.