Iran

[Shahab3]

Iran Lures BNP, HSBC for $50 Bln of Loans; U.S. Banks Barred

Dec. 23 (Bloomberg) -- BNP Paribas SA and over two dozen European, Asian and African banks are vying to arrange an estimated $50 billion of corporate loans in Iran. U.S. policies bar the world's three biggest lenders -- Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. -- from the market.

Companies such as Tehran-based Iran Khodro Co., which makes Mercedes-Benz, Peugeot and Renault cars, are borrowing to expand factories, power plants and mobile-phone networks that provide goods and services to Iran's 69 million people. The country's economy may grow 6 percent next year, Fitch Ratings estimates.
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"Iran is a land of opportunity for banks,'' said Keba Keinde, 37, head of corporate finance for the Middle East and North Africa at BNP Paribas in Paris. "Capital and expertise is needed, be it in telecommunications, electricity, transport or sports. The fact that you don't have Americans there makes life easier for European bankers.''
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Khodro Loan, Bonds

Khodro, Islamic Republic of Iran Shipping Lines, National Iranian Oil Co., Almahdi Aluminum Corp. and other Iranian companies have received more than $3 billion of loans from international banks this year, according to data compiled by Bloomberg.

On Dec. 13, Khodro, the largest company traded on the Tehran Stock Exchange, signed an agreement to borrow $100 million from a group of banks led by Johannesburg-based Standard Bank Group Ltd. to increase car production. The company is in talks with BNP Paribas and other banks to borrow an additional 500 million euros ($669 million) and may sell bonds, says Reza Raei, Khodro's chief financial officer.

International banks are also reaping fees for advising on the sale of state assets ranging from cellular telephone licenses to the company that manages Tehran's airport.
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"The American financial services industry is anxious to get into Iran,'' said Haynes Roberts, the group's project manager. "The longer we're out, the tougher it will be to get in.''

Liz Wood, a spokeswoman for Bank of America, declined to comment on the company's interest in Iran. Lindsey Deans of Citigroup and Sebastian Howell of JPMorgan also declined to comment.

"As an investor and a capitalist, the idea of sanctions is troubling,'' said Wayne Bopp, who manages $14 billion at Fifth Third Bancorp in Cincinnati. "We want to encourage good behavior, but if the U.S. applies sanctions and Japan or other countries don't, what good is it? I would love for the banks we invest in to be in Iran, but it won't happen because of sanctions.''
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The loans Iranian companies are expected to take out over the next five years will generate about $940 million in fees and interest payments, said Hassan Alaghband, 47, managing director of Balli Group Plc, a London-based commodities trading company.
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"Lending is very much a commercial decision,'' said Francesco Carobbi, deputy general manager of European investment banking at Bank of Tokyo-Mitsubishi in London. "Iran is a huge market. People are pragmatic. America can't be unilateral.''
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Attracting Investors

Iran has a growing economy and the world's second-largest oil reserves. The government is reinvesting oil profits in industries such as steelmaking, aluminum and petrochemicals to help shield the economy from fluctuations in the price of oil, which accounts for 80 percent of exports.

To lure international investment, the Islamist-led government last year approved legislation to reduce bureaucracy and ensure companies can ship profits home.

The chance to sell everything from cigarettes to mining equipment attracted about 250 bankers and businessmen to an investment conference Nov. 17 in London, said Monique Quant, a director at IBC Global Conferences, which organized the event for the U.K.'s Department of Trade and Investment.
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Quelle : Bloomberg.com (war nur mehrere Stunden abrufbar)
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