Sanction-hit Iranian Banks line up to enter Turkish financial market

Iranian investors, who established a record number of companies in Turkey last year, have shifted their focus to the finance and banking sector as Western sanctions implemented because of its controversial nuclear program have eaten away at its economic maneuverability. Iran's three biggest banks have started to work in order to become the newest actors in the Turkish banking sector. Tejarat Bank, Pasargad Bank and another bank, whose name was not disclosed, have knocked on the door of the Banking Regulation and Supervision Agency (BDDK) recently. The financial sources, which preferred to remain anonymous because of the sensitivity of the matter, said a written request has already been sent to the Ministry of Foreign Affairs to apply for a banking license from scratch. The government will make the final decision regarding this issue. According to data from the Turkish Union of Chambers and Commodity Exchanges (TOBB), last year Turkey witnessed an explosion in the number of Iranian companies established in Turkey. With the addition of 590 companies last year, the number of Iranian companies in Turkey rose to 2,140.