An Azerbaijani bank will open its branch in Iran, Economy Minister Shahin Mustafayev told a press conference on results of an Azerbaijani delegation’s visit to Iran.

The issue was discussed during the Iran visit, Mustafayev said in Baku Feb. 25.

“I cannot say what bank it will be but I want to note that now work is underway to create a relevant legal base. In addition, the issue of raising the status of the Baku branch of Bank Melli Iran is being considered,” Mustafayev said.

Iran’s Central Bank Chief Valiollah Seif has earlier told Trend that it is planned to create a new bank with 100 percent of Iranian capital in Azerbaijan.

He said Bank Melli Iran’s branch in Azerbaijan will turn into an independent Azerbaijani bank, and all the shares of the new bank will be owned by Bank Melli Iran.

It was earlier planned to create a joint bank in Azerbaijan, branches of which would operate both in Azerbaijan and Iran.