Monday, April 24, 2023
The CEO of the National Development Fund has announced that the Fund has acquired a 33% ownership stake in Sina Bank The CEO of the National Development Fund has announced that the Fund has acquired a 33% ownership stake in Sina Bank
By kangarloo-a @ 4:16 PM :: 215 Views :: 0 Comments :: Article Rating :: News

Mehdi Ghazanfari, in an interview with the National Development Fund's public relations department, explained that with the Central Bank's approval, the National Development Fund has purchased a 33% stake in Sina Bank. It had previously been announced that the National Development Fund was seeking to purchase shares in a commercial bank, and this purchase was finalized on Sunday, April 9th of this year. Accordingly, we used our claims against the Imam Khomeini Relief Foundation to acquire a 33% stake in the bank

He emphasized that the National Development Fund can provide financial tools under the auspices of this bank to play a more effective role in the country's financial markets, saying that in order to be effective in development, the National Development Fund must develop itself. It needs to complete its financial and banking tools and not incur any loss on its transactions. Therefore, with a 33% stake in Sina Bank, some of the licenses obtained for financial affairs will be activated. These include issuing guarantees in rials and foreign currencies, operationalizing the buyer's and seller's credit, providing rial loans, and so on

As a result, the report indicates that the National Development Fund has acquired 8.37 billion shares of Sina Bank