Parsian Bank

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Logo of Parsian Bank

Parsian Bank is Iran's largest private bank^{[citation needed]}, headquartered in Tehran, Iran. Founded in July, 1994 as a nongovernmental bank, Parsian Bank now has 165 branches across Iran, 92 of which are in Tehran^[1]. The bank entered the Tehran Stock Exchange in 2004^{[citation needed]}. 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^{[citation needed]}.

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.

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

[edit] Scandals

On October 6, 1994, 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]ffgdf

On October 28, 1994, the Administrative Court has revoked the order dismissing Parsian Bank's managing director, who was accused of authorizing an 'unnamed' individual to get a huge loan from the bank. The Persian daily Etemad quoted a report by the Public Relations Office of the bank as saying that Abdollah Talebi had managed to convince the court that he had done nothing wrong. Bahram Fathali, a member of the bank's board of directors, has also been cleared of the same charge, the paper said, adding that the two had explained the reasons why they had agreed to the loan in a letter to the court. This is while Gholamreza Mesbahi Moqaddam, a member of the Majlis Economic Commission, has called for reviewing the ruling. "The bank chief's violations should be investigated by relevant disciplinary committee. Otherwise, any ruling would be one-sided and, therefore, unacceptable," he said. Some experts contend, however, that since bank loan applications are processed carefully, Parsian Bank management must have been convinced by the applicant before granting the loan. Etemad said the loan applicant's name remains undisclosed and only the bank authorities have been blamed in the much-publicized and political case.^[3]