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Iran to privatize three banks by late September

TEHRAN, Sept. 5 (Mehr News Agency) - The head of the Iranian Privatization Organization (IPO) announced here on Wednesday that five percent of shares of three banks of Mellat, Saderat, and Tejarat will be offered in the Tehran Stock Exchange (TSE) by end of summer.

Talking to MNA, Gholamreza Kord-Zanganeh, also the deputy economic affairs and finance minister, added that all requisite permits were issued for the event.

Referring to privatization of Bank Refah Kargaran, he announced that since 94 percent of the bank is the Social Security Organization's properties, not much privatization for the bank will take place.

He said that the Telecommunication Company of Iran (TCI) will be privatized after the insurance companies of Asia, Alborz, and Dana, adding the privatization operations of banks and insurance companies have launched a year ago.

The companies will be privatized in line with enforcement of the Article 44 of the Constitution.

... Payvand News - 9/6/07 ... --

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