Bank Shahr

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Shahr Bank
Company typePublic
وشهر
IndustryFinancial services and investment (IRR and foreign currencies)
FoundedFebruary 2009
HeadquartersIran,
Tehran, Ferdowsi Square
Key people
  • Barat Karimi (chairman)
  • Mohammad Mehdi Ahmadi
ServicesAll financial services provided by the bank and its subsidiaries
Owners
  • Tehran Municipality
  • Mashhad Municipality
  • Karaj Municipality
  • Qom Municipality
  • Shiraz Municipality
  • Qazvin Municipality
  • Tehran Municipality Employees' Reserve Fund
  • Tehran Municipality Retirement Fund
  • Shahriar Cooperative Production and Distribution Company
  • Other natural and legal persons
Number of employees
More than 4,000
Websitewww.shahr-bank.ir

Shahr Bank is one of the private banks in Iran that officially started its operations on February 9, 2009. In the past, this bank provided financial services under the names "Honarvaran Shahr Cooperative" and "Shahr Credit Cooperative."[1][2]

Shahr Bank was founded by the Tehran Municipality, and its shares are primarily owned by municipalities of various cities and metropolitan areas, municipal employees, and a portion of the Iranian public.[3][4]

In 2014, it recorded the highest resource growth among private banks. The bank has branches in many cities of Iran.[5][6][7][8][9]

History

[edit]

The Shahr Credit and Financial Institution was established with authorization from the Central Bank and with shares owned by the municipalities of Tehran and other Iranian metropolitan areas. It started its official operations on February 9, 2009, with an initial capital of 1.5 trillion Iranian rials.

The main motivation behind establishing this bank was to meet municipalities' need for large-scale financing, liquidity, and capital to cover urban development costs, aiming for self-sufficiency in urban management.

After extensive efforts by senior managers of Tehran Municipality and other metropolitan areas, and with an increase in capital by shareholders to 2 trillion rials, the Central Bank, in coordination with the High Council of Money and Credit, approved the registration of Shahr Bank on February 8, 2010. The bank officially opened on March 8, 2010.

Two years after its establishment, the shareholders raised the bank’s capital to 4 trillion rials to provide necessary liquidity. This amount remained until 2013, when the capital increased to 7.9 trillion rials in July. By December 2015, it had reached 15.573 trillion rials.[10][11]

ShahrNet
Shahr Bank kiosks in public areas

References

[edit]
  1. ^ "History of Shahr Bank" (in Persian). Official website of Shahr Bank. Archived from the original on September 8, 2018. Retrieved May 18, 2010.
  2. ^ "Tehran District 1 Mayor: "Shahr Bank" is a strong supporter of the city and urban management" (in Persian). Aftab. Retrieved May 18, 2010.
  3. ^ "Qalibaf: The core activity of Shahr Bank is urban development" (in Persian). Shafaf News. Archived from the original on March 9, 2010. Retrieved May 18, 2010.
  4. ^ "Main Shareholders" (in Persian). Shahr Bank. Archived from the original on June 25, 2011. Retrieved May 18, 2010.
  5. ^ "Qalibaf: Opening four branches of Shahr Bank soon" (in Persian). Eco News. Archived from the original on December 5, 2013. Retrieved May 18, 2010.
  6. ^ رادیوفردا (2020-10-08). "America sanctioned 18 other Iranian banks". رادیو فردا (in Persian). Retrieved 2024-12-03.
  7. ^ "The Trump administration sanctioned 18 Iranian banks". BBC News فارسی (in Persian). Retrieved 2024-12-03.
  8. ^ "America sanctioned 18 Iranian banks". ار.اف.ای - RFI (in Persian). 2020-10-09. Retrieved 2024-12-03.
  9. ^ "Prediction of Iran's economic "difficult year" in the confidential reports of the Islamic Republic". www.radiofarda.com. Retrieved 2024-12-04.
  10. ^ "Establishment of 47 Shahr Bank Branches by Year-End". Donyaye Eqtesad.
  11. ^ "Shahr Bank History". Shahr Bank Official Website. Archived from the original on January 23, 2022. Retrieved September 17, 2024.