Iran and Syria have agreed on setting up a joint bank in the Syrian capital, with an initial capitalization of USD 30m.

The agreement was reached in a meeting between Iran's Housing Minister Mohammad Saeedi-Kia, the Syrian Minister of Economy and Trade Amer Hosni Lotfi and the governor of the Central Bank of Syria, Adib Mayaleh.

Saeedi-Kia said that some 49 percent of the shares of the bank belong to Iran's Bank Saderat and 51 percent to Syria.

He noted that the Iran-Syria bank will provide Iranian investors, businesspersons and pilgrims with different services.

© Press TV