Iran Venezuela Bi-National Bank to be listed on stock exchange

July 11, 2020 - 14:59

TERHAN - Managing Director of Export Development Bank of Iran has said that an Iran-Venezuela joint bank is going to be listed on Iran’s stock market, IRNA reported.

According to the official, Iran Venezuela Bi-National Bank, which is a subsidiary of the Export Development Bank, is going through the necessary processes for entering the stock market, Ali Saleh-Abadi said in a press conference on Saturday.

Tamadon Investment Bank, another subsidiary of the mentioned bank, is also going to join the capital market along with the Iran-Venezuela bank.

Saleh-Abadi noted that 17 percent of the shares of Iran Venezuela Bi-National Bank are going to be offered at Tehran Stock Exchange (TSE) by the end of the current Iranian calendar year (ends on March 20, 2021), while 25 percent of the shares of Tamadon Investment Bank will be offered at TSE by the end of the Q2 of the current Iranian calendar year (ends on September 21).

Mentioning the significant role of the Export Development Bank in the country’s foreign trade, the official noted that in the face of the U.S. sanctions and the coronavirus outbreak, the bank has increased the decision-making powers of 38 bank branches to support exporters who have suffered from these conditions, and has also set the average interest rate of the bank's facilities in the range of 14 to 14.5 percent.

He put the country’s non-oil revenues in the previous Iranian calendar year (ended on March 19) at $40 billion, saying that the bank had a significant role in realizing this achievement.

Saleh-Abadi further referred to the bank’s plans for supporting knowledge-based companies and added: for those knowledge-based companies that are introduced to the bank by the Vice President for Science and Technology, a total of 4 trillion rials (about $95.23 million) will be offered in the form of facilities with 12 percent interest rate.

EF/MA

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