Economy, Business And Markets

Sina Bank Turns 30

Sina Bank Turns 30Sina Bank Turns 30

Employees of Sina Bank celebrated the lender’s 30th anniversary on Friday. The entity was established as Bonyad Credit Institution in May 1985 with an equity of 10 billion rials. It received a banking permit from the central bank in 2009 and changed its name to Sina Bank. The Tehran-based lender is listed on the Tehran Stock Exchange. Mostazafan Foundation of Islamic Revolution has a 44 percent stake in Sina, according to TSE data. The foundation is the second largest commercial enterprise in Iran and the biggest holding company in the Middle East.