||Thursday 23rd February 2017|
In 2004, the core founders of Bank Pasargad including banking experts- such as former governor of the CBI and senior directors of state banks- decided to establish a nationwide private bank.
Pasargad Bank was launched in two phases:
After 12 months of extensive collaboration and thorough analysis, Pars Arian Investment Company was established and registered as a public limited company with 400 shareholders and a paid-up capital of IRR 1,000 billion (approx. USD 109 million which was later increased to IRR 1,800 billion (approx. USD 194 million.)
Upon receiving approval from the CBI, Bank Pasargad, issued its IPO on August 2nd 2005 as the fifth Iranian private bank with an intended paid up capital of IRR 2,500 billion (approx. USD 270 million.) the result of which, was total number of 33,000 subscribers with an approx. total payment of over IRR 3,500 billion.Based on this public magnificent reception, Bank Pasargad increased its initial paid up capital to IRR 3,500 billion (approx. USD 388 million).