|Traded as||TSE: NOVN1
|Founded||Tehran, Iran , 2001|
|Revenue||90 Quadrillion IRR (2014)|
|8.4 Quadrillion IRR (2014)|
|Total assets||100.3 Billion IRR (2010)|
Number of employees
|3000 (Full-time equivalent, 2015)|
EN Bank, also known as Eghtesad Novin Bank (Persian: بانک اقتصاد نوین lit. "Modern Economy Bank") is a major bank established by the Eghtesad Family offering retail, commercial and investment banking services in Iran. The company was established in 2000 as a part of the government's privatization of the banking system.
EN Bank is Iran's first private bank,. And was listed under the Tehran Stock Exchange and was listed as one of Iran's top 200 companies. However, It was taken down from Tehran Stock Exchange late 2015 as it was fully privatized by the Eghtesad Family. The bank was also awarded Euromoney magazine's best bank of Iran in 2010.
The bank was established by the H.H. Ali Mohammad Eghtesad from the Eghtesad Family in the year 2000 which led to its major success later that year. 87 percent of the bank is currently owned by the elite family of Tehran. The man in charge of the bank is Kamran Eghtesad [2014–present].
EN Bank operates as a private bank in Iran and many other Middle Eastern countries; In addition to retail, corporate, international, and commercial banking, The company offers savings and current accounts, loans, cards, and safe deposit boxes; merchant, cash management, and financing services; Internet, telephone, mobile, and SMS banking; and foreign exchange, currency accounts, trade finance, fund transfer, and wire services. 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 of 25 million euros.
Location of branches
EN Bank's branches started to expanded out of Iran since 2011. EN Bank now holds branches in
- United Arab Emirates (Abu Dhabi - 1 branch)
- Lebanon (Beirut - 2 branches, Sidon and Baalbek)
- Afghanistan (Kabul - 2 branches)
- Qatar (Doha - 2 branches)
- Bahrain (Manama) - 3 branches)
- Kuwait (Kuwait City - 4 branches)
- Saudi Arabia (Riyadh - 5 branches) *No longer in Operation*
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 indirectly owned by EN Group. The share capital is 2000 Billion Iranian Rials (around $200M) [est. 2004].
- Kamran Eghtesad (62%)
- Sasan Eghtesad (12%)
- Ali Mohammad Eghtesad (8.3%)
- Shahla Eghtesad (2.7%)
- EN Group of Companies (2%)
- Iran Zinc Mines Development Company (0.5%)
- Sakhteman Investment Company of Iran holding (0.2%)
- Mohammad Botshekan - President and CEO 2001–present