EN Bank, also known as Eghtesad Novin Bank ( fa, بانک اقتصاد نوین, ''Bank Eqtesad Novin'', lit. "Modern Economy Bank") is the

Islamic Republic of Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...

'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 sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...

commercial Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television advertisement * (adjective for:) commerce, a system of voluntary exchange of products and s ...

and

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...

services in

Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...

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

privatization Privatization (also 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 when ...

of the banking system. While established in

Tehran Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most popul ...

, the bank operates throughout the nation with 5,317 employees, 1,200 ATMs 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) ( fa, بورس اوراق بهادار تهران, 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. , 339 companies with a com ...

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.

Operations

EN Bank operates in

and many other

Middle Eastern The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabia (including the Arabian Peninsula and Bahrain), Asia Minor (Asian part of Turkey except Hatay Province), East Thrace (European ...

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, also known 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. Safe deposit ...

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

SMS banking Short Message/Messaging Service, commonly abbreviated as SMS, is a text messaging service component of most telephone, Internet and mobile device systems. It uses standardized communication protocols that let mobile devices exchange short text ...

; 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, newswire, ...

. 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 a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

of 25 million euros.

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 Iranian companies established in 2001 Iranian entities subject to the U.S. Department of the Treasury sanctions

Operations

Shareholders

See also

References

External links