Pasargad Bank Public Shareholding Company (Iran)

Following Article 98 of the Third Economic, Social and Cultural Development Plan of the Islamic Republic of Iran, enacted on April 7th 2000, and the Single Article of "Permission for Establishment of Non-Governmental Banks" ratified on April10th 2000, an opportunity was created for establishment of private banks in Iran, post 1979 Islamic Revolution.
Based on the above, the Central Bank of Iran (CBI), started issuing private bank licenses, which allowed private banks enter into the Iranian banking market. After 12 months of extensive collaboration and thorough analysis, Pars Arian Investment Company was established and registered as a public limited company with 400 shareholders and a paid-up capital of IRR 1,000 billion (approx. USD 109 million which was later increased to IRR 1,800 billion (approx. USD 194 million.). Upon receiving approval from the CBI, Bank Pasargad, issued its IPO on August 2nd 2005 as the fifth Iranian private bank with an intended paid up capital of IRR 2,500 billion (approx. USD 270 million.) the result of which was total number of 33,000 subscribers with an approx. total payment of over IRR 3,500 billion. Based on this public magnificent reception, Bank Pasargad increased its initial paid up capital to IRR 3,500 billion (approx. USD 388 million).