Parsian Bank
Encyclopedia
Parsian Bank is Iran's largest private bank
, headquartered in Tehran
, Iran
. Founded in February, 2002 as a nongovernmental bank, Parsian Bank now has 174 branches across Iran, 104 of which are in Tehran. The bank entered the Tehran Stock Exchange
in 2004. In addition to traditional banking services, Parsian also offers diversified services such as insurance and car rentals.
In early 2006 the bank faced severe financial difficulties due to a forced interest rate change imposed upon the banking sector by the Iranian President, Mahmoud Ahmadinejad. Until then, the bank's strategy had required providing long term fixed high interest accounts, however when interest rates were slashed the income providing loans that Parsian was receiving ended up at a lower rate than the rates it was paying out in the long term savings accounts, thus creating a cashflow problem. The problems are still unresolved as of October 2006.
On 19 September, 1.44 million shares of the bank traded on the Tehran Stock Exchange. The shares, worth a total of about $320 million, were bought by a single customer. The shares – which comprised about 29% of the Bank’s total shares – belonged to Iran Khodro
Industrial Group (A government company). The bank has still not publicly named the new owners of the stake.
In September 2010, a 10% stake in Parsian E-Commerce, the ebanking subsidiary of Parsian Bank, was successfully sold on the Iranian Over-The-Counter (OTC) market. The IPO was worth $116 million.
Parsian Insurance, the third largest insurance provider in Iran, is jointly owned by Parsian Bank and Iran Khodro
. Its key business line is car insurance.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
, headquartered 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...
, 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...
. Founded in February, 2002 as a nongovernmental bank, Parsian Bank now has 174 branches across Iran, 104 of which are in Tehran. The bank entered 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...
in 2004. In addition to traditional banking services, Parsian also offers diversified services such as insurance and car rentals.
In early 2006 the bank faced severe financial difficulties due to a forced interest rate change imposed upon the banking sector by the Iranian President, Mahmoud Ahmadinejad. Until then, the bank's strategy had required providing long term fixed high interest accounts, however when interest rates were slashed the income providing loans that Parsian was receiving ended up at a lower rate than the rates it was paying out in the long term savings accounts, thus creating a cashflow problem. The problems are still unresolved as of October 2006.
On 19 September, 1.44 million shares of the bank traded on the Tehran Stock Exchange. The shares, worth a total of about $320 million, were bought by a single customer. The shares – which comprised about 29% of the Bank’s total shares – belonged to Iran Khodro
Iran Khodro
Iran Khodro Company, also known as IKCO, is the leading Iranian automaker with headquarters in Tehran. The company's original name was Iran National. IKCO was founded in 1962 and it produced 688,000 passenger cars in 2009...
Industrial Group (A government company). The bank has still not publicly named the new owners of the stake.
In September 2010, a 10% stake in Parsian E-Commerce, the ebanking subsidiary of Parsian Bank, was successfully sold on the Iranian Over-The-Counter (OTC) market. The IPO was worth $116 million.
Parsian Insurance, the third largest insurance provider in Iran, is jointly owned by Parsian Bank and Iran Khodro
Iran Khodro
Iran Khodro Company, also known as IKCO, is the leading Iranian automaker with headquarters in Tehran. The company's original name was Iran National. IKCO was founded in 1962 and it produced 688,000 passenger cars in 2009...
. Its key business line is car insurance.
Chairman and Board of Directors
- Mr. Ali Soleymani Shayesteh (Managing Director)
- Mr. Ali Shaykhi(Chairman)
- Ms. Mahbobeh Alvandi
- Mr. Mehdi Karbasian
- Mr. Farhad Hanifi
- Mr. Mohammad Fetanatfard
- Mr. Alireza Kashef
- Mr. Majid Shams
- Mrs. Samira Safdari
- Ms. Elham Nazeri