National Development Fund of Iran Acquired a Stake in Local Sina Bank
Posted on 04/30/2023
With the approval of the country’s central bank, the National Development Fund of Iran has acquired 8.37 billion shares, or a 33% stake, of Tehran-based Sina Bank. It had previously been announced that the National Development Fund was seeking to purchase shares in a commercial bank, and this purchase was finalized on April 9, 2023. Accordingly, the fund used its claims against the Imam Khomeini Relief Foundation to acquire a 33% stake in the bank.
Sina Bank is a private Iranian banking establishment offering retail, commercial and investment banking services. The bank was established in 1985 as a part of the government’s privatization of the banking system. The bank was established in 1985 as the Bonyad Finance and Credit Company.
Sina Bank is listed under the Tehran Stock Exchange and is currently one of eight private banks in Iran.