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Parsian Repaying Samen Depositors

Parsian Repaying Samen Depositors Parsian Repaying Samen Depositors

Parsian Bank has reimbursed 11,000 depositors of the defunct Samen al-Hojaj Finance and Credit Institution. Last month, the bank accepted to take over the institution after it went under. Depositors with up to 30 million rials ($990) in their accounts are covered in the first phase of settlement, banker.ir reported. About 70% of Samen’s depositors had less than 100 million rials ($3,300) in their accounts and will receive their money by the end of fiscal year (March 19), according to Parsian officials.  The unregistered and unlicensed company had 900,000 depositors with a total worth of 12 trillion rials ($396 million). Samen operated for 18 years and has 550 branches throughout the country, twice the number of an average commercial private bank.

Financialtribune.com