Tehran Stock Exchange Offers Bank Pasargard to Public

Saturday, 20 August 2011

On 16 August 2011, trading on Bank Pasargads equity shares was started on Tehran StockExchange for first time after listing. At the first day, 122 Million equity shares of BPI as 9th listed Bank were traded at the price of IRR 2,106 0.20 USD with the total value of IRR 257 billion 24.4 USD million.

"Today, Pasargad Bank was listed as ninth bank in TSE. So far, 6 private banks and three state banks, including Bank Saderat, Bank Mellat and Bank Tejarat in line of privatization programs, have been offered in the Exchange" Dr. Hassan Ghalibaf Asl, CEO of TSE, stated in an inaugural ceremony.

He added, "with regard to the price of 2,106 Rials per share, the market value of BPI reached5.7 thousand billion Rial that is the largest value in the banking industry in TSE."

BPI is a major Iranian bank which offers retail, commercial and investment banking services. The company was established in 2005 as a part of the government's privatization of the banking system.

While established in Tehran, the bank operates throughout the country with 2930 employees and 269 branches.The bank is currently the fastest growing bank in Iran and is the fifth largest in the country.

In 2010, The Banker Magazine rated BPI among the top "1000 banks in the world", ranking435th overall. The Bank is also on The Banker's list of the top 500 Islamic financialinstitutions.