Iran auto makers to sign contracts with Germans
– IKCO chair revealed three new contracts with German’s giant on different mutual joint ventures. Hashem Yeke Zare said three cooperation agreements have been signed between Iran auto maker, IKCO, and Mercedes-Benz. The official also pointed to a recent contract with France’s PSA Peugeot Citroën, stating that the first series of the Peugeot 2008 manufactured by the Iran Khodro Company will enter the market in coming months. It seems that the second largest industry of the nation is about to receive the attention it deserve.
– Tejarat Bank is going on a trial at European Courts, filing a motion on compensation for the losses incurred during the sanctions. According to the bank’s CEO, Mohammad Ebrahim Moqaddam, huge piles of losses had to be realized back then because of the imposed sanctions which ended in a slump on the bank’s revenues.
– In the final attempts to recover state owned banks, the cabinet finally approved for bank Melli to increase the capital after all. Aiming to reach a capital adequacy of 6%, a IRR 93 tn (USD 2.4 bn) is allocated to the largest commercial bank of Iran.