EN Bank

EN Bank, also known as Eghtesad Novin Bank (Persian: بانک اقتصاد نوین‎, lit. "Modern Economy Bank") is the Islamic Republic of Iran's first 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]

Eghtesad Novin Bank
بانک اقتصاد نوین
Private
Traded asTSE: NOVN1
ISIN: IRO1NOVN0005
IndustryFinancial services
FoundedTehran, Iran , 2001
HeadquartersTehran, Iran
Key people
Kamran Eghtesad
(Co-founder)
Alireza Bolgouri
(CEO)
ProductsRetail banking
Transaction accounts
Insurance
stock brokerage
Investment bank
Asset-based lending
Consumer finance
Trade
International payments
Foreign exchange
Revenue 7,381,724 Million IRR (2017)
8.4 Quadrillion IRR (2014)
Total assets 17000 Billion IRR (2018)[1]
Number of employees
5317 (Full-time equivalent, 2016)
Websitehttp://enbank.ir/Site.aspx

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 bank,.[2] 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]

Operations

EN Bank operates 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].

See also
  • Banking in Iran
  • Privatization in Iran

References
  1. "Archived copy". Archived from the original on 2012-05-29. Retrieved 2017-10-16.CS1 maint: archived copy as title (link)
  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.CS1 maint: archived copy as title (link)
  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. "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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