EN Bank

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Eghtesad Novin Bank
Public
Traded as TSE: NOVN1
ISIN: IRO1NOVN0005
Industry Financial services
Founded Tehran, Iran , 2001
Headquarters Tehran, Iran
Key people
Kamran Eghtesad
(Co-founder)
Hassan Motamedi
(CEO)
Products Retail banking
Transaction accounts
Insurance
stock brokerage
Investment bank
Asset-based lending
Consumer finance
Trade
International payments
Foreign exchange
Revenue Increase Rialsymbol.svg 90 Quadrillion IRR (2014)
Increase Rialsymbol.svg 8.4 Quadrillion IRR (2014)
Total assets Rialsymbol.svg 100.3 Billion IRR (2010)[1]
Number of employees
3000 (Full-time equivalent, 2015)
Website http://enbank.ir/Site.aspx

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.[2]

While established in Tehran, the bank operates throughout the nation with 3000 employees, 900 ATMs and 700 branches across the Persian Gulf Region.[3]

EN Bank is Iran's first private bank,.[4] And was listed under the Tehran Stock Exchange and was listed as one of Iran's top 200 companies.[5] 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.[6]

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].

Operations[edit]

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.[7] 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.[8]

Location of branches[edit]

EN Bank's branches started to expanded out of Iran since 2011. EN Bank now holds branches in

Shareholders[edit]

The EN Group of Companies is the largest shareholder of the bank which is entirely owned by the Eghtesad Family[9] Other major shareholders include Kamran Eghtesad and his son, Ali Mohammad Eghtesad,[10] Iran Zinc Mines Development Company,[11] Sakhteman Investment Company of Iran holding[12] 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%)

Corporate governance[edit]

Current members of the board of directors are: Kamran Eghtesad, Ali Mohammad Eghtesad, Mohammad Hasheminejad, Morteza Azizi and Dr. Ali Manavirad.[13]

See also[edit]

References[edit]

External links[edit]