Corruption, mismanagement in spotlight as Iran dissolves major private bankThe bank built the largest mall in the world, but also racked up massive debt and gave loans to insiders.Tehran, Iran – Authorities have merged one of Iran’s largest private lenders into the country’s biggest state-run bank in a move that highlights a deeply troubled economy and will further squeeze average citizens as pressure from the West grows.
The central bank on Thursday announced that Ayandeh Bank, privately owned by one of Iran’s wealthiest families, would be dissolved and merged with Bank Melli, the government-run national bank, and that Ayandeh branches across the country would be transformed into Bank Melli branches by Sunday. the best experience on our website
Iran declares major private lender bankrupt, other banks face difficulties
Founded in 2012, Ayandeh Bank had a network of 270 branches across the country, including 150 in the capital Tehran alone.
A file picture of a branch of the now-defunct Ayandeh Bank in the capital Tehran.
A file picture of a branch of the now-defunct Ayandeh Bank in the capital Tehran.
Tehran
Iran declared one of the country’s largest private banks bankrupt with its assets absorbed by the state, official media reported, in a rare move in the country grappling with international sanctions.
