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The security crisis brought on by the rise of Islamic State could turn Iran from pariah to much-needed partner to the west. Financial sanctions have hit both Iran’s economy and its banks hard. Inflation is rampant, NPLs are soaring, while banks lack capital. Corporates can’t get the funding they need. Local bank chiefs are itching to open their doors once again to foreign counterparties. If sanctions are lifted, what will the world’s bankers find in Tehran and beyond?