The shareholders agreed to purchase the independently valued operations of Bank Melli and Bank Saderat in Bahrain. These operations were successfully integrated in Bahrain by end January 2005. Additionally, the bank has been granted the first domestic currency full commercial banking license issued to a foreign bank in Kish Island, Iran.
The bank is structured according to a classic management structure. Two Deputy CEOs report to the CEO with responsibility respectively for the client-facing and operational sides of the bank. They are in turn supported by Department Heads of Treasury, Corporate Banking, Trade Finance, IT, Finance and Admin, Risk and Compliance. A separate Audit Department reports directly to the banks Audit Committee.
The banks main business focus is wholesale investment banking and it targets the financial flows between Iran and the GCC countries. Its target clients are the top 30 corporate listed on the Tehran Stock Exchange (TSE)as well as large and mid size corporate, institutional and high net worth investors in the GCC. The Bank seeks to channel debt and equity capital from the GCC into Iran in either conventional or sharia compliant structures. The Bank expects to develop an equity issuance capability in Iran in 2006 and it has recently received official approval to launch what could be the first Iran country fund allowing foreign investors to invest in shares quoted on the TSE. The bank currently has 3 branches and an Treasury Unit in Bahrain. The bank is registered in Bahrain and regulated by the Central Bank of Bahrain.