Karafarin Bank

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Karafarin Bank

Company type	Public
Traded as	TSE: KRAF1 ISIN: IRO1KRAF0000
Industry	Banking
Founded	2001; 23 years ago (2001)
Headquarters	Tehran, Iran
Key people	Ahmad Baharvandi (CEO)
Products	Credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking, wealth management
Services	Commercial Banking
Revenue	€800 million EUR (2017)
Number of employees	1850
Website	karafarinbank.ir

The Karafarin Bank (Persian: بانک کارآفرین, Bank Karâferin), which translates to Entrepreneurship Bank is a private bank in Iran. Established in 2001, it is now one of Iran's leading private banks and also the first private bank to be established since the Iranian revolution in 1979.^{[citation needed]}

History

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The Karafarin Bank was initially established as the Karafarinan Credit Institute. It is the first truly privately owned bank in Iran established since the 1979 Iranian Revolution. Its shareholders are among the industrialists and contractors in Iran. Many of them are members of the Association of Industrial Managers of Iran, Association of Construction Engineers of Iran, Association of Utility Engineers, and Consulting Engineers and Architects.^{[citation needed]}

With an initial capital of 30 Billion Rials, the Credit Institute received its operating permit from the Central Bank of Iran on December 1, 1999. About 85% of the capital was contributed by the founding shareholders and the balance was offered to the general public, which was taken up within days.^{[citation needed]}

The Institution was incorporated on December 9, 1999 (equivalent to 18/9/1378 in Iranian calendar) under registration number 157915. Pursuant to the approval by the Extraordinary General Assembly of the Shareholders dated February 15, 2000 (26/11/1379), and the preliminary agreement of the Supervision Department of the Central Bank on September 22, 2001 (31/6/1380), the process of converting the Credit Institute into a bank began. New articles of association was adopted; the paid-up capital was increased in two stages to 200 Billion Rials (just over $25 million); and, shares of those shareholders who did not take advantage of their primitive rights (with respect to the seasoned equity offering) were sold to new shareholders.^{[citation needed]}

The Institution was officially converted into a bank on January 1, 2001 (11/10/1380), thus creating the first privately owned bank since 1979.^{[citation needed]}

Branches

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As of December 2011, the bank had 108 branches within Iran.

References

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External links

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Official Website

v t e Banks of Iran
Central Bank of Iran
State-owned	Bank Melli Iran Bank Sepah Post Bank of Iran Bank Maskan Bank of Industry and Mine Export Development Bank of Iran Qarz Al-Hasaneh Mehr Iran Bank Bank Keshavarzi Iran
Non-state-owned	Bank Pasargad Bank Mellat Bank Saderat Iran EN Bank Karafarin Bank Parsian Bank Sina Bank Tejarat Bank Ayandeh Bank Bank Day Ghavamin Bank Iran Zamin Bank Refah Bank Saman Bank Sarmayeh Bank Amin Investment Bank Kardan Investment Bank Mellat Investment Bank Middle East Bank Shahr Bank Tourism Bank
Foreign/overseas	Persia International Bank Future Bank Mir Business Bank Iranian-European Bank Iran-Venezuela Bi-National Bank Islamic Cooperation Investment Bank

Companies listed on the Tehran Stock Exchange

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