Deputy Minister of Industry, Mine, and Trade Ali-Reza Peymanpak made the announcement through a Twitter post on Tuesday.
VTB Bank is the first Russian bank to be directly represented in Iran, according to Peymanpak, who added that the presence of VTB staff in Tehran would help boost transparency in Iran's international banking relations.
He said that VTB's presence in Tehran would also enable Iranian businesses to transfer their funds from the so-called trust networks to the banking system.
According to experts, with the bank being present in Iran, the time needed to process banking transactions for Iranian companies will decrease to less than 24 hours.
They say VTB's office in Iran will provide Iranian businesses with easier access to banking systems in Europe, Africa, and Asia.
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