After Bank Mellat Returns to
Iran’s Capital Market
* After the reopening of Bank Mellat ticker and its 40% plunge, its CEO announced the bank’s attempts to reduce loss in joint revenues, increase LCs, improve foreign exchange transactions, develop international relations as well as attempts to sell the excess assets and properties as actions to regain shareholders’ trust in the bank and Iran’s Capital Market as well. He also elaborated that the bank’s forex operation has witnessed a 300% growth in the current year to reach from $2.680 bn to $7.800 bn, which is estimated to hit $10 bn until the end of the year. He also announced the merger of 4 subsidiaries (belonging to the bank) with IRR 20,000 bn in capital, to be offered in the stock market and stated that 10% of this company’s shares will be offered in the current month, which will be followed by offering another 15% until the end of the year.