Bank Maskan’s S&L Plans

The Central Bank of Iran is currently reviewing two applications for the establishment of “savings and loan associations”, said Mohammad Hashem Botshekan, CEO of Bank Maskan, without providing more details about the applications. However, the official said his bank has proposed the establishment of two S&Ls, one for development of Mokran coastlines, located in Sistan-Baluchestan Province, and one for the renovation of distressed urban areas across the country. Earlier in September, the Money and Credit Council, approved the establishment of S&Ls. Based on the scheme, the minimum capital requirement for launching regional S&Ls is 500 billion rials ($16 million) for Tehran, 350 billion rials ($11.2 million) for other major cities, 250 billion rials for provincial capitals and 100 billion rials ($3.1 million) for small towns.