TEHRAN, Oct. 1 (MNA) -- For the first time in Iran, a private bank, Saman Bank, has established a private brokerage company in the capital city of Tehran aiming to develop the capital markets, according to a report released at the end of a press conference held by the bank.
The press conference was attended by the managing director of the bank Rajai Salmasi, Reza Krishchi, the managing director of the newly established brokerage company Parviz Moshirzadeh, and the managing director of the Saman Bank Investment Company Parviz Golestani.
Saman Bank Brokerage Co. was formed when the Krishchi Brokerage Company with 30 years of experience was merged with the bank in March this year. Saman Bank Brokerage Company has a capital of one billion rials now, which would increase to 10 billion in the near future.
The company aims to increase capital, develop financial sources, set up private halls for stock exchanging nationwide, design an intranet to link 25 branches of Saman Bank with one another and with 25 branches that would become operational by 2006.
The bank offers online services and consultation to manage stocks and provide its clients with any information they need available in all of its branches.
In the meantime, the investment company of the bank invests in various sectors to, for example, improve administration and commercial activities in the civil sector, produce medical and dentistry equipment, manufacture civil machineries, stabilize stock exchange market in a short- and medium-term period through developing it, and import essential goods into the country.
The current capital of the bank stands at Rls.300b which would increase to Rls.600b within the next two months and to Rls.1000b by the next year. The figure has been planned to reach at Rls.1500b after it joins the Tehran Stock Exchange (TSE) in a year or two. ARA/MA END MNA
Tehran Times Energy Desk
© Tehran Times 2004
