Iranian banks own companies worth $70B

Business Materials 23 September 2014 14:19 (UTC +04:00)

Baku, Azerbaijan, Sept.23
By Fatih Karimov - Trend:

Iranian banks own companies worth about $70 billion.

Central Bank of Iran supervisory chief Hamid Tehranfar said the national banks own and operate 500-600 companies, valued at about $70 billion by the end of the last fiscal year (March 20, 2014), which is 48-49 percent of their total base capital, Iran's Mehr news agency reported on September 23.

According to the law, the banks are allowed to own companies as much as 40 percent of their base capital in value. So, they should sell a number of their companies based on a defined timetable, he explained.

"Of the total 34 banks, just 5 banks have not submitted the list of their own companies to the Central Bank," he said. "However, they will submit their lists over the next two days."
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