EN Bank, also known as Eqtesad Novin Bank (, ''Bānk-e Eqtesād-e Novin'', lit. "Modern Economy Bank") is

Iran Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the nort ...

's first private bank established by the Eghtesad Family offering

retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholes ...

commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...

and

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

services in

. The company was established in 2000 as a part of the government's

privatization Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation w ...

of the banking system. While established in

Tehran Tehran (; , ''Tehrân'') is the capital and largest city of Iran. It is the capital of Tehran province, and the administrative center for Tehran County and its Central District (Tehran County), Central District. With a population of around 9. ...

, the bank operates throughout the nation with 5,317 employees, 1,200

ATMs An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

and 310 branches across the Persian Gulf Region. EN Bank is Iran's first private bank,. listed under the

Tehran Stock Exchange The Tehran Stock Exchange (TSE) (, romanized: ''Burs-e Owraq-e Bahadar-e Tehran'') is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. TSE, which is a founding member of the Federation of Euro-Asian Stock Ex ...

and was listed as one of Iran's top 200 companies. However, it was taken down from

late 2015 as it was fully privatized by the Eghtesad Family. The bank was also awarded

Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc. History and profile ''Euromoney'' was first published in 19 ...

magazine's best bank of Iran in 2010. In 2024, EN Bank was targeted in a cyberattack carried out by IRLeaks, impacting 20 of Iran's 29 banks, including the

Central Bank of Iran The Central Bank of the Islamic Republic of Iran (CBI; ; SWIFT Code: BMJIIRTH), also known as ''Bank Markazi'', was established under the Iranian Banking and Monetary Act in 1960. It serves as the banker to the Iranian government and has the e ...

Operations

EN Bank operates in

and many other

Middle Eastern The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage by the United Kingdom and western Eur ...

countries. In addition to retail, corporate, international, and commercial banking, the company offers savings and current accounts, loans, cards, and

safe deposit box A safe deposit box, sometimes referred to as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions. S ...

es; merchant, cash management, and financing services; Internet, telephone, mobile, and

SMS banking SMS banking is a form of mobile banking. It is a facility used by some banks or other financial institutions to send messages (also called notifications or alerts) to customers' mobile phones using SMS messaging, or a service provided by them w ...

; and foreign exchange, currency accounts, trade finance, fund transfer, and

wire services A news agency is an organization that gathers news reports and sells them to subscribing news organizations, such as newspapers, magazines and radio and television broadcasters. A news agency may also be referred to as a wire service, newswir ...

. EN Bank also provides utility bill payment service; and complementary financial services, ranging from securities trading to insurance. In 2015, EN Bank, with 600 million euros of assets under management (AUM), was in talks with a number of German banks to start a

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

of 25 million euros. In 2024, EN Bank was targeted in a cyberattack carried out by IRLeaks, impacting 20 of Iran's 29 banks, including the

Politico ''Politico'' (stylized in all caps), known originally as ''The Politico'', is an American political digital newspaper company founded by American banker and media executive Robert Allbritton in 2007. It covers politics and policy in the Unit ...

described it as the "worst attack" in the country's history.

Shareholders

The EN Group of Companies is the largest shareholder of the bank which is entirely owned by the ''Eghtesad Family'' Other major shareholders include Kamran Eghtesad and his son, Ali Mohammad Eghtesad, Iran Zinc Mines Development Company, Sakhteman Investment Company of Iran holding and some of the mining companies affiliated to EN Group. The share capital is 2000 Billion Iranian Rials (around $200M) st. 2004

References

External links

EN Bank official site
* {{TSE Companies of Iran Banks of Iran Banks established in 2001 Companies listed on the Tehran Stock Exchange Companies in the TSE TEFIX-30 Iranian companies established in 2001 companies based in Tehran Iranian entities subject to U.S. Department of the Treasury sanctions

Operations

Shareholders

See also

References

External links