Iran’s largest commercial bank increases capital
Baku, Azerbaijan, Oct. 20
By Khalid Kazimov – Trend:
State-owned Bank Melli Iran (BMI) has increased its capital by 11.5 trillion rials (about $348.4 million according to official rate).
Following the development, the commercial bank’s capital reached 198.656 trillion rials ($6.019 billion), Eghtesadonline news agency reported.
In a similar move last year, the BMI increased its capital by 88 trillion rials ($2.750 billion).
The decision on recapitalization was approved during a general meeting of the bank in June, followed by an approval by the Central Bank of Iran’s Certification Department.