Sina Bank
Encyclopedia
Sina Bank is a major Iran
ian banking establishment offering retail
, commercial
and investment banking
services. The company was established in 1985 as apart of the government's privatization
of the banking system.
While established in Tehran
, the bank operated throughout the nation with 1998 employees and 253 branches.
Sina Bank is listed under the Tehran Stock Exchange
and is currently one of eight private bank
s in Iran
. The bank is currently the 64th largest company in Iran. In 2007, Sina Bank had initial equity capital of 10 Billion IRR.
.
The bank currently operates throughout the country, housing a total of 253 branches. In 2010, the bank came under European Union
sanctions against Iranian banking institutions.
In addition to offering short and fixed deposit accounts for domestic and overseas clients, the bank provides letters of credit, treasury, currency exchange
, corporate loans syndication, financial advisory and electronic banking services.
is currently the largest shareholder of the Bank. However, the bank currently holds over 700,000 other shareholders.
Current members of the board of directors
include: Mohammad Izadi, Masoud Pashmchi and Sadegh Mohammad Talei.
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...
ian 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. The company was established in 1985 as apart 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 operated throughout the nation with 1998 employees and 253 branches.
Sina Bank is 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 is currently one of eight 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...
s 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 bank is currently the 64th largest company in Iran. In 2007, Sina Bank had initial equity capital of 10 Billion IRR.
Operations
The bank was established in 1985 as the Bonyad Finance and Credit Company. The company was the first credit establishment in the Iranian financial sector. In 2007, the company was privatized, and in 2009 was listed on the Tehran Stock ExchangeTehran 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...
.
The bank currently operates throughout the country, housing a total of 253 branches. In 2010, the bank came under European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
sanctions against Iranian banking institutions.
In addition to offering short and fixed deposit accounts for domestic and overseas clients, the bank provides letters of credit, treasury, currency exchange
Currency exchange
Currency exchange can refer to:* Bureau de change* Foreign exchange market...
, corporate loans syndication, financial advisory and electronic banking services.
Shareholders
S-BankS-Bank (Iran)
S-Bank, also known as Sarmayeh Bank, is a major Iranian banking establishment offering retail, commercial and investment banking services...
is currently the largest shareholder of the Bank. However, the bank currently holds over 700,000 other shareholders.
Corporate governance
- Abdulnasser Hemmati - President and CEO 2007–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...
include: Mohammad Izadi, Masoud Pashmchi and Sadegh Mohammad Talei.