EN Bank, also known as Eghtesad Novin Bank, is a major banking establishment offering retail

Retail banking

Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...

, commercial

Commercial bank

After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

 and investment banking

Investment banking

An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...

 services in Iran

Iran

Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...

. The company was established in 2000 as a part of the government's privatization

Privatization in Iran

According to the Fourth Five-Year Economic Development Plan , the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the Tehran Stock Exchange...

 of the banking system.

While established in Tehran

Tehran

Tehran , sometimes spelled Teheran, is the capital of Iran and Tehran Province. With an estimated population of 8,429,807; it is also Iran's largest urban area and city, one of the largest cities in Western Asia, and is the world's 19th largest city.In the 20th century, Tehran was subject to...

, the bank operates throughout the nation with 2077 employees, 622 ATMs

Automated teller machine

An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...

 and 200 branches.

EN Bank is Iran's first private bank

Private bank

Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...

,. It is currently listed under the Tehran Stock Exchange

Tehran Stock Exchange

The Tehran Stock Exchange is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. As of July 2010, 337 companies with a market capitalization of US$72 billion were listed on TSE...

 and was listed as one of Iran's top 200 companies. The bank was also awarded Euromoney magazine's best bank of Iran in 2009.

Operations

EN Bank operates as a private bank

Private bank

Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...

 in Iran

Iran

Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...

; In addition to retail, corporate, international, and commercial banking, The company offers savings and current accounts, loans, cards, and safe deposit box

Safe deposit box

A safe deposit box or wrongly referred to as a safety deposit box is an individually-secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions...

es; merchant, cash management, and financing services; Internet, telephone, mobile, and SMS banking

SMS Banking

SMS banking is a technology-enabled service offering from banks to its customers, permitting them to operate selected banking services over their mobile phones using SMS messaging.-Push and pull messages:...

; and foreign exchange, currency accounts, trade finance, fund transfer, and wire services. EN Bank also provides utility bill payment service; and complementary financial services, ranging from securities trading to insurance.

Shareholders

The EN group Holding company is the largest shareholder of the bank. Other major shareholders include Ghadir Investment Company

Ghadir Investment Company

Ghadir Investment Company was established in 1991 in Iran. Its activities range from managing or restructuring Iranian companies on behalf of its parent company, Saderat Bank of Iran. GHADIR is one of the largest listed companies on the Tehran Stock Exchange with a market capitalization in excess...

, Farhangian Investment Company, Iran Zinc Mines Development Company, Sakhteman Investment Company of Iran holding and some of the mining companies and other companies. The share capital is 1000 Billion Iranian Rials (around $100M).

Corporate governance

• Mohammad Botshekan - President and CEO 2001–present

Current members of the board of directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 are: Mohammad Hasheminejad, Morteza Azizi and Dr. Ali Manavirad.