EN Bank

Eghtesad Novin Bank
بانک اقتصاد نوین
Private
Traded as TSE: NOVN1
ISIN: IRO1NOVN0005
Industry Financial services
Founded Tehran, Iran , 2001
Headquarters Tehran, Iran
Key people
 Kamran Eghtesad
(Co-founder)
Alireza Bolgouri
(CEO)
Products Retail banking
Transaction accounts
Insurance
stock brokerage
Investment bank
Asset-based lending
Consumer finance
Trade
International payments
Foreign exchange
Revenue

Increase

7,381,724 Million IRR (2017)
Increase 8.4 Quadrillion IRR (2014)
Total assets 17000 Billion IRR (2018)[1]
Number of employees
 5317 (Full-time equivalent, 2016)
Website http://enbank.ir/Site.aspx

EN Bank, also known as Eghtesad Novin Bank (Persian: بانک اقتصاد نوین‎ lit. "Modern Economy Bank") is the Islamic Republic of Iran's first private 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 5317 employees, 1200 ATMs and 310 branches across the Persian Gulf Region.[3]

EN Bank is Iran's first private bank,.[2] And was listed under the Tehran Stock Exchange and was listed as one of Iran's top 200 companies.[4] 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.[5]

The bank was established by 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 current head of the board of directors is Kamran Eghtesad [2014–present].

Operations

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.[6] 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.[7]

Shareholders

The EN Group of Companies is the largest shareholder of the bank which is entirely owned by the Eghtesad Family[8] Other major shareholders include Kamran Eghtesad and his son, Ali Mohammad Eghtesad,[9] Iran Zinc Mines Development Company,[10] Sakhteman Investment Company of Iran holding[11] and some of the mining companies affiliated to EN Group. The share capital is 2000 Billion Iranian Rials (around $200M) [est. 2004].

  • Kamran Eghtesad (61%)
  • Sasan Eghtesad (9.6%)
  • 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

  • َAlireza Bolgouri - CEO 2017–present

Current members of the board of directors are: Kamran Eghtesad, Ali Mohammad Eghtesad, Shahla Eghtesad, Nosratallah RoshanZamir and Belgheis Fallahi.[8]

See also

References

  1. ↑
  2. 1 2 "EN Bank :: About EN Bank". English.en-bank.com. Retrieved 16 October 2017.
  3. ↑ "EN Bank at a Glance". English.en-bank.com. Retrieved 15 October 2017.
  4. ↑ "Archived copy". Archived from the original on 2011-07-10. Retrieved 2010-05-23.
  5. ↑ "EN Bank :: Awards". English.en-bank.com. Retrieved 16 October 2017.
  6. ↑ "EN Bank: Private Company Information - Bloomberg". Investing.businessweek.com. Retrieved 16 October 2017.
  7. ↑ "Americans Scour Tehran for Assets as Iranians Open Doors". Bloomberg.com. 2 June 2015. Retrieved 16 October 2017.
  8. 1 2 "EN Bank :: Board of Directors". English.en-bank.com. Retrieved 16 October 2017.
  9. ↑ "szf". Szf.ir. Retrieved 16 October 2017.
  10. ↑ "هلدینگ توسعه معادن روی ایران". Izmdc.com. Retrieved 16 October 2017.
  11. ↑ "سرمایه گذاری ساختمان ایران(سهامی عام)". Icic.ir. Retrieved 16 October 2017.
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