EghtesadOnline: Ayandeh Bank, Iran’s private lender that has been hailed both locally and internationally, is currently financing the construction of Iran Mall, an ambitious project based in Tehran.
Located in the capital city’s District 22, the project is slated to be among one of the biggest in the world and the biggest in the Middle East.
The Iran Mall Commercial Company, which is the developer of the project, attended Mapic 2016 in Cannes, an international retail property market event that gathers the world’s leading retail real estate professionals under one roof to discover retail properties, build partnerships, close deals and explore innovation in the field. The bank has been authorized to participate in the project by the Money and Credit Council, Iran’s financial decision-making body.
Ayandeh Bank, formed in 2012, is the result of one of the successful merger and acquisition cases in Iran’s banking system and enjoys a healthy level of capital. It was established after two credit institutions, Salehin Credit Institution and Ati Credit Institution, agreed to merge with Tat Bank, according to Financial Tribune.
Tat Bank originally gained a permit to merge into Ayandeh Bank from the Central Bank of Iran on Sept. 30, 2009.
Subsequently, the bank quickly rose through the ranks under the new leadership and its name is now seen as a sponsor of almost all major events in Tehran, as it is boosting the level of its advertisement and customer services.
The Banker, the globally-recognized source of financial intelligence, selected Ayandeh as its top Iranian lender for the Bank of the Year Awards in 2017 only months ago. The London-based publication in its annual report announced that Ayandeh has replaced Pasargad, another private bank that had been named Iran’s best bank for both 2015 and 2016.
Earlier, the private lender had nabbed Euromoney’s Best Bank Transformation Award for 2017.
What’s more, Iran’s Industrial Management Institute released the list of 500 largest companies in mid-February, according to which Ayandeh ranked 10th. It was also ranked sixth in terms of profit.