Parviz Aghili

Despite hopes of a new dawn for Iran's economy after nuclear-related sanctions were lifted, major Western banks are reluctant to do business with the Islamic republic for fear of U.S. retribution.

Two private Iranian banks will open branches in Munich, officials confirmed Sept. 5, as the Islamic republic looks for ways around ongoing barriers to international financing.

The Central Bank announced late on Sept. 4 that Middle East Bank and Sina Bank would set up in Germany's Bavaria state, following a visit by local economy minister Ilse Aigner to Tehran.