
Parsian Bank (, ''Bānk-e Pārsiān'') is a major
Iranian private bank, headquartered 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. ...
,
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 ...
. In addition to traditional banking services, Parsian also offers diversified services such as insurance and car rentals.
History
Parsian Bank was founded in July 2001,
and opened for business in 2002.
[ It entered 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 ...
in 2004.
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages. Reuters is one of the largest news agencies in the world.
The agency ...
news agency describes the bank as "Iran's largest non-state bank" in 2006, known for offering slightly higher interest rates on accounts than state-run banks, financing of as much as 80% of a property's value, so that financing was a real option for many new homebuyers, and its liberal dress code.[ This started to change in 2005, when Parsian's managing director, Abdollah Talebi, refused to give Mohammad Shariatmadari (head of the powerful '' Setade Ejraiye Farmane Emam'' foundation at the time), an unsecured $44 million loan (Shariatmadari had offered no collateral for the loan).
In early 2006 the bank faced severe financial difficulties due to a forced ]interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, ...
change imposed upon the banking sector by the Iranian President, Mahmoud Ahmadinejad
Mahmoud Ahmadinejad (born Mahmoud Sabbaghian on 28 October 1956) is an Iranian Iranian principlists, principlist and Iranian nationalism, nationalist politician who served as the sixth president of Iran from 2005 to 2013. He is currently a mem ...
. 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.
According to Saeed Laylaz, economic and political observer in Tehran, "One reason for Ahmadinejad's antagonism to Parsian Bank was that he thought the bank was owned by the family of Ayatollah Hashemi Rafsanjani
Akbar Hashemi Bahramani Rafsanjani (25 August 19348 January 2017) was an Iranian cleric, politician and writer who served as the fourth president of Iran from 1989 to 1997. One of the founding fathers of the Islamic Republic, Rafsanjani was the ...
, his main rival in the presidential elections. After Ahmadinejad took office, Abdollah Talebi arsian CEO an outspoken reformist, sent a list of the shareholders to the President to prove that was untrue. The bank is a symbol of bourgeoisie for Ahmadinejad".
Subsequently, according to Reuters, Tadbir Investment Co, (a subsidiary of Setad) acquired a small stake in Parsian and despite being a minority owner transformed the bank, bringing in new managers and among other things eliminating the lacks dress code.
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
Iran Khodro (, ''Irān Xodro''), branded as IKCO, is an Iranian automaker headquartered in Tehran. IKCO was founded in 1962 as Iran National (, ''Irān Nāsionāl''). The public company manufactures vehicles, including Samand, Peugeot and Rena ...
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 online banking
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institut ...
subsidiary of Parsian Bank, was sold on the Iranian Over-The-Counter (OTC) market. The IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
was worth $116 million.
Parsian Insurance, the third largest insurance provider in Iran, is jointly owned by Parsian Bank and Iran Khodro
Iran Khodro (, ''Irān Xodro''), branded as IKCO, is an Iranian automaker headquartered in Tehran. IKCO was founded in 1962 as Iran National (, ''Irān Nāsionāl''). The public company manufactures vehicles, including Samand, Peugeot and Rena ...
.
Chairman and board of directors
* Kourosh Parvizian (CEO)معرفي اعضاي هيئت مديره ومعاونين
See also
*Banking and insurance in Iran
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third o ...
*Islamic Banking
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...
References
External links
Official Website (English Version)
{{TSE Companies of Iran
Banks of Iran
Banks established in 2002
Companies listed on the Tehran Stock Exchange
Iranian brands
Iranian companies established in 2002
companies based in Tehran
Iranian entities subject to U.S. Department of the Treasury sanctions
Companies in the TSE TEFIX-30