The Central Bank of Iran has allowed Arman Credit Institution to hold its general meeting within the next 25 days to support the newly authorized credit and financial institution, announced the institution’s CEO, Omid Pardeli, on Monday. Arman’s total capital assets amount to 3 trillion rials ($100 million at official exchange rate). “Certified by the regulator, the institution has 506 branches nationwide and will start operation as soon as it goes through the final procedures,” the executive said. In the general meeting, the institution’s statute need to be further approved by the CBI and the Money and Credit Council to be introduced to a department in charge of companies’ registrar. Arman, formerly merged with Fereshtegan Credit Institution, could successfully underwrite its shares on the board of Iran Fara Bourse or the over-the-counter market. The institution was once excluded from CBI’s list of authorized firms for violating monetary regulations.
