Iran News ...


10/27/07

Iran fixes date for banks privatization

TEHRAN, Oct. 27 (Mehr News Agency) - Iranian Privatization Organization (IPO) and Tehran Stock Exchange (TSE) here Saturday announced the date for privatization of four banks in line with the Article 44 of the Constitution.

Five percent of shares of Bank Mellat, Bank Saderat Iran, Bank Tejarat, and Bank Refah Kargaran will be ceded to the private sector on Dec. 2, 11, 23, and Jan. 8 respectively.

"There was no stumbling block on timetable," TSE Managing Director Ali Rahimi said after a meeting with IPO officials.

IPO Managing Director Gholamreza Heidari Kord-Zanganeh had before pointed to the privatization of five banks on July 11, among them Post Bank of Iran.

However, Rahimi excluded Post Bank from privatization, pointing to its total capital below the quorum.

Based on the Supreme Leader's decree about privatization, 20 percent of each industry among them banking must remain in the state's hands, Kord-Zanganeh said.

Keeping in view that the banks remaining state-run take about 50 percent of the industry, the government has to deliver the four banks to the private sector in full stakes.

... Payvand News - 10/27/07 ... --



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