09 June 2009
State-run Bank Saderat is offering 6 percent of its shares to private investors today in line with the country's privatization policies.
Saderat will be the third state bank to be privatized under Article 44 of Iran's Constitution.
In May, Bank Tejarat sold 6 percent of its shares--worth 754 billion rials ($76.4 million)--three months after Bank Mellat offered 5 percent of its stake on the market, IRNA reported.
"With the entry of Bank Saderat into public trading, the share of the private sector in the capital and investment market will pass 50 percent," said Economy Minister Shamseddin Hosseini.
He noted that the bank has a 14.8-percent share of Iran's banking market and will become second largest company on the stock exchange after its transition is complete. He did not say at what price the shares would be offered.
Banks Saderat has 3,300 branches in Iran and 30 abroad, and owns four banks abroad, including Bank Saderat Tashkent (in Uzbekistan), Arian Bank (in Afghanistan), Future Bank (in Bahrain), and Bank Saderat PLC (in Britain)
There are 30 branches of Bank Saderat across Europe and Asia.
State-run Bank Saderat is offering 6 percent of its shares to private investors today in line with the country's privatization policies.
Saderat will be the third state bank to be privatized under Article 44 of Iran's Constitution.
In May, Bank Tejarat sold 6 percent of its shares--worth 754 billion rials ($76.4 million)--three months after Bank Mellat offered 5 percent of its stake on the market, IRNA reported.
"With the entry of Bank Saderat into public trading, the share of the private sector in the capital and investment market will pass 50 percent," said Economy Minister Shamseddin Hosseini.
He noted that the bank has a 14.8-percent share of Iran's banking market and will become second largest company on the stock exchange after its transition is complete. He did not say at what price the shares would be offered.
Banks Saderat has 3,300 branches in Iran and 30 abroad, and owns four banks abroad, including Bank Saderat Tashkent (in Uzbekistan), Arian Bank (in Afghanistan), Future Bank (in Bahrain), and Bank Saderat PLC (in Britain)
There are 30 branches of Bank Saderat across Europe and Asia.
© Iran Daily 2009
