| Type | Public company |
|---|---|
| Traded as | TSE: BPAX1 |
| Industry | Financial services |
| Founded | 2002 |
| Headquarters | Iran, Tehran |
| Area served | Iran |
| Key people | Ali Soleimani Shayesteh (CEO) Ali Shaykhi (Chairman) |
| Products | Credit cards, consumer banking, corporate banking, investment banking, asset management |
| Website | Official Site |
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[1]. 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.[2]
Parsian Insurance, the third largest insurance provider in Iran, is jointly owned by Parsian Bank and Iran Khodro.[3] Its key business line is car insurance.
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