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    • The Bankers magazine named Parsian Bank:The bank of the year in iran

      The Bankers magazine named Parsian Bank:The bank of the year in iran

      Since beginning operations in January 2002, Bank Parsian has seen continuous growth and is today Iran’s largest private bank.

      Since beginning operations in January 2002, Bank Parsian has seen continuous growth and is today Iran's largest private bank.
      The bank achieved impressive growth across all key financial indicators in 2010.Net profits for the year increased by an impressive 41% to $531m, while assets grew 23% to $25.6bn. Tier 1 capital - the core measure of a bank's financial strength - surged by 33% to $1.95bn.
      During 2010, Parsian was responsible for about 8% of total deposits and 7% of total loans within the Iranian banking system. This equated to a respective 36% and 25% market share among privately owned banks.
      On the retail front, Parsian opened 42 new branches in 2010. The bank is also helping to pioneer the use of e-banking services in Iran - which are still largely underpenetrated - with about 72% of all Parsian's transactions being processed via e-channels in 2010. In September 2010, a 10% stake in Parsian E-Commerce, the e-banking subsidiary of Parsian Bank, was successfully sold on the Iranian over-the-counter market in an initial public offering worth $116m.
      Looking forward, the bank wants to become more engaged with modern Islamic financial activities and also move into the nascent investment banking sphere, for which licences only started to become available in 2007.
      "We believe that an active presence in the field of modern Islamic banking, such as the issuance of sukuk [Islamic bonds], will provide the bank with a promising opportunity to develop its financial activities in the coming year," says Ali Soleymani Shayesteh, managing director of Parsian Bank. "We are also determined to add an investment bank to Parsian financial group."