Parsian Bank

From Wikipedia, the free encyclopedia

Parsian Bank is Iran's largest private bank, headquartered in Tehran, Iran. Founded in July, 2001 as a nongovernmental bank, Parsian Bank now has 126 branches across Iran, 61 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 publically named the new owners of the stake.

1 Technology
2 Scandals
3 Chairman and Board of Directors
4 See also
5 External links

[edit] Technology

As of 2003, the bank was in the process of connecting to the Iranian Shetab Banking System.

^[1]

[edit] Scandals

On October 6, 2006, Central Bank of Iran (CBI) announced that it has dismissed the managing director of Parsian Bank, Abdollah Talebi due to allegations about financial misconduct. The CBI has asked Parsian to name a new managing director^[2]