Iran's Tejarat bank and Belarus' Lada OMS Holding have set up a new bank in Belarus with an authorized fund of more than 5 million euros.

The new bank, named Torgovy Kapital (TK Bank), is licensed by the National Bank of Belarus to establish and operate banking accounts by individuals and legal entities, conclude trust management agreements and to provide factoring service.

In addition, TK Bank will be entitled to exchange currencies, issue bank guaranties and security papers to depositors, and issue bank cards.

As of August 1, 22 out of 28 Belarus' banks involved foreign capital. The share of foreign investment is more than 50 percent in 16 banks -- 10 of them operating with 100-percent foreign capital.

Iran's Tejarat Bank was established according to a government-proposed bill approved in September 1979 upon the combination of eleven private banks.

MVZ/JG/AKM/DT