Twelve foreign banks from Europe, Asia and the Gulf have applied to open branches in Tehran despite the political risks and pariah status of the Iranian government, as they focus on the opportunities of an oil-rich country with a population just of under 70 million, which is not served by its many state banks.
Additionally, some of them may become involved in the estimated $30bn privatisation of four state banks by taking minority stakes in them, as allowed by Iranian law.
