Information on IDB Group entities
The first national commercial bank established on 13 June 1966 performs all the activities of a bank deposit; it provides financial services including trade associations and businesses. It handles all banking, currency and credit under the law and the regulation of banks. In June 2009, the capital of the BNA has been increased. It was raised from 14 to 600 billion dinars to 41 dinars 600 billion through the issue of 27,000 new shares of 01 million dinars each, subscribed and held by the Treasury .
The Public Investment Fund (PIF) was established by Royal Decree No. M/24, dated 25-06-1391H corresponding to 17-08-1971. The purpose of establishing PIF was to provide financing support to productive projects which are of a commercial nature and are strategically significant for the development of the national economy and cannot be implemented by the private sector alone either because of insufficient experience or inadequate capital resources or both.
Bank Melli Iran which had been founded as a result of an economic exigency, developed at later stages into an active and dynamic element assuming an accelerating role in the country’s economic advancement.
In the year 1931 parliament granted sole powers to Bank Melli Iran to issue banknotes, thus establishing the bank as the country’s bank of issue. Thereafter the bank assumed responsibility for additional central bank functions including government-banking operations, the regulation of currency circulation, maintenance of balance of payments surpluses, credit regulation as well as supervision of the country’s banking system.
In the year 1960 pursuant to the promulgation of the State Banking and Monetary law and the establishment of Bank Markazi Iran (The Central Bank), Bank Melli Iran relinquished its central banking functions. Such development enabled Bank Melli Iran to concentrate more fully on commercial banking transactions and to achieve further success by taking long strides on that front.
Bank Kersharvazi (Iran)
The Agricultural Development Bank of Iran (ADBI) was founded in 1969 in order to finance the large scale development projects in the agricultural sector. After the Islamic revolution, based on the "Banking Nationalization Law", the two afore-mentioned banks were merged to form "Bank Keshavarzi (Agriculture Bank of Iran)". Having access to specialized human resources and experiences of the two organizations gained during several decades of granting credit facilities to small and large projects, the bank was provided with new possibilities to render quality banking services to the rural population and the agriculture sector of the country.
The Iran Foreign Investment Company (IFIC) was incorporated in March 1998 as a Private Joint Stock company with a mission to manage and expand Iranian holdings abroad.
A holding company, IFIC provides financing and financial services and makes investments around the world. IFIC has interests in energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals as well as new and future technologies.
Currently IFIC has ventures in different countries including Germany, Brazil, Egypt, Jordan, Sudan, Yemen, Namibia, Oman, United Arab Emirates and Armenia.