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EN Bank

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EN Bank

Eghtesad Novin Bank
Type Public
Traded as TSE: NOVN1
ISIN: IRO1NOVN0005
Industry Financial services
Founded Tehran, Iran , 2001
Headquarters Tehran, Iran
Key people Kamran Eghtesad (Owner) Mohammad Botshekan (CEO)
Products Retail banking
Transaction accounts
Insurance
stock brokerage
Investment bank
Asset-based lending
Consumer finance
Trade
International payments
Foreign exchange
Revenue Increase 1.8 Billion IRR (2010)
Net income Increase 1.2 Billion IRR (2010)
Total assets 56.65 Billion IRR (2010)[1]
Employees 2077 (Full-time equivalent, 2009)
Website www.en-bank.com

EN Bank, also known as Eghtesad Novin Bank (Persian: بانک اقتصاد نوین‎) is a major banking establishment 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 2077 employees, 622 ATMs and 200 branches.[3]

EN Bank is Iran's first private bank,.[4] It is currently listed under the Tehran Stock Exchange and was listed as one of Iran's top 200 companies.[5] The bank was also awarded Euromoney magazine's best bank of Iran in 2010.[6]

The bank was later bought by the Eghtesad Family in the year 2014 which led to its major success later that year. 90 percent of the bank is now owned by the ultra rich family of Tehran.The man in charge of the bank is Kamran Eghtesad 2014–present and is later to be dedicated to his son Sasan Eghtesad .

Operations

EN Bank operates as a private bank in Iran; 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.[7]

Shareholders

The EN group Holding company is the largest shareholder of the bank.[8] Other major shareholders include Kamran Eghtesad, Ghadir Investment Company,[9] Farhangian Investment Company,[10] Iran Zinc Mines Development Company,[11] Sakhteman Investment Company of Iran holding[12] and some of the mining companies and other companies. The share capital is 2000 Billion Iranian Rials (around $200M).

Corporate governance

Current members of the board of directors are: Kamran Eghtesad, Mohammad Hasheminejad, Morteza Azizi and Dr. Ali Manavirad.[13]

See also

References

  1. ^ http://www.iranbourse.com/Default.aspx?tabid=217&sCode=651902
  2. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1311
  3. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1312
  4. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1311
  5. ^ http://www.emergingmarketsanalysis.com/web/iran/list_ind.htm
  6. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1318
  7. ^ http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=105703507
  8. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1316
  9. ^ http://ghadir-invest.com/
  10. ^ http://szf.ir/
  11. ^ http://www.izmdc.com/
  12. ^ http://www.icic.ir/
  13. ^ http://english.en-bank.com/Site.aspx?ParTree=12111A1316

External links

  • Company Site
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