Citigroup, Goldman-Sacks to Open Branches in Iran

Four American banks, including Citigroup and Goldman Sachs, file requests with Central Bank of Iran. If approved, they will be able to open branches in free trade zone, and later perhaps in Tehran .

Four American banks, including Citigroup and Goldman Sachs, have filed requests to open branches in Iran, a Tehran-based daily reported over the weekend.

According to the newspaper, the official requests were submitted to the Central Bank of Iran about 20 days ago, and if approved, the banks will be able to send delegations to the country's free trade zone.

Later, if they prove to meet Iran's banking laws, the four banks may open branches in the country's big cities, including Tehran.

The newspaper notes that the new Obama administration in the United States enabled a slight improvement in the relations between the two countries. The American president was recently quoted as saying that he was ready to reach out to countries like Iran.

The new administration has also decided to hold direct talks between American representatives and Iranian envoys on the Iranian nuclear plan.

Goldman Sachs and Citigroup were badly hurt by the credit crisis and are looking for new markets in order to improve their financial situation.

Goldman Sachs recently reported a significant improvement in its situation, with its first quarter reports for 2009 including a net profit of $1.66 billion. Citigroup, which received $45 billion in aid, also released positive reports for the first quarter of the year, after losing more than $18 billion in 2008.

http://www.ynetnews.com/articles/0,7340,L-3702978,00.html