Parsian Bank
 | |
| Type | Public company |
|---|---|
| Traded as |
TSE: BPAR1 ISIN: IRO1BPAR0009 |
| 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 | www.parsian-bank.com |
Parsian Bank (Persian: بانک پارسیان) is a major Iranian private bank, headquartered in Tehran, Iran. Founded in February, 2002 as a nongovernmental bank, Parsian Bank now has 288 branches across Iran, 159 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.
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.
Chairman and Board of Directors
- Ali Soleymani Shayesteh (Managing Director)
- Ali Shaykhi(Chairman)
- Mahbobeh Alvandi
- Mehdi Karbasian
- Farhad Hanifi
- Mohammad Fetanatfard
- Alireza Kashef
- Majid Shams
- Samira Safdari
- Elham Nazeri[4]