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MOSCOW, June 9 VTB is not going to open a subsidiary bank in Iran, a representative office has started to operate there, said Andrey Kostin, head of the credit organization.
In May, Iranian Deputy Minister of Industry and Trade Alireza Peyman-Pak said that VTB opened its office in Tehran.
«We are not going to open a bank in Iran. We have opened a representative office, two people work there. It is more like an information and contact a point where different requests can come,» the banker said in an interview with Reuters.
He said that he was in Iran for the first time «not so long ago». “After that, I decided to open a representative office just to get to know the country better and interact,” Kostin explained.
He also said that there are no plans to open subsidiary banks in other countries. At present, VTB's subsidiaries operate in Vietnam, Azerbaijan, Armenia, and Kazakhstan. «Our bank practically does not work in Georgia now, and it does not function in Africa either, after falling under sanctions,» he added.