Following Article 98 of the Third Economic, Social and Cultural Development Plan of the Islamic Republic of Iran, enacted on April 7th 2000, and the Single Article of "Permission for Establishment of Non-Governmental Banks" ratified on April10th 2000, an opportunity was created for establishment of private banks in Iran, after the 1979 Islamic Revolution.
Based on the above, the Central Bank of Iran (CBI), started issuing private bank licenses, which allow private banks enter into the Iranian banking market.
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:
Establishment of a financial and professional holding company
Subsequently, Initial Public Offering (IPO) was announced and took place with the abovementioned company as the major shareholder along with its core founders. At this stage, invitations were sent to investors including private pension funds, EPC companies, construction companies, and other well-known professionals of industry, health, law, education, and commercial sectors.
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).
Registration: September 4th 2005 with Company Registration Bureau in Tehran, under registration number: 254300.
License: September 13th 2005 issued by the CBI under ref. No. H/2849 followed by
License: 16th Dec 2006 for Trade Finance and all International Banking activities under Ref No.NB6300