Bank Parsian is set to take over the insolvent credit institution, Samen-al-Hojaj, following problems its depositors face in taking back their money, according to website banker.ir. The latest audit of the lender’s books shows the value of shares of businesses owned by Samen in total shrunk to 60 trillion rials ($2 billion), a loss of 40 trillion rials ($1.34 billion). Samen al-Hojaj operated for 18 years and has 550 branches throughout the country, twice the number of an average commercial private bank. It was first mentioned by the CBI on its website in 2010 and identified as “in the process of obtaining a license” along with other similar financial institutions. But apparently it never followed up on the certification process and continued doing business without the proper papers as demanded by law.
