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Banks Negotiating Resumption of TSE Trading
Banks Negotiating Resumption of TSE Trading

Banks Negotiating Resumption of TSE Trading

Banks Negotiating Resumption of TSE Trading

Iranian banks have started talks with Tehran Stock Exchange to resume the trading of their stocks hit with a multiple-month suspension, the deputy head of Bank Mellat said.
“In line with a directive issued by Bank Mellat’s shareholders in their latest meeting, we have held sessions and negotiations with the Central Bank of Iran,” Alireza Lakzaei was also quoted as saying by IBENA in reference to measures undertaken to resolve the heated issue of the banks’ symbols staying frozen in the stock market.
“We have also followed up the issue through the Ministry of Economic Affairs and Finance so that we can have the attention of both these authorities and convey the final verdict to the stock exchange.”
The trading of banks’ stocks has been suspended by Tehran Stock Exchange for a while. A few big lenders have posted losses and investors are angry because of the uncertainty.
Some have sent angry letters to the head of Securities and Exchange Organization demanding explanations and change. Yet the suspension is continuing without anyone taking responsibility.  It is said that the upgraded accounting procedures required by CBI to be used by banks, which has exposed banks’ dire conditions, is mostly to blame for the conditions.   
Abbas Kamarei, the director of CBI’s Department for Supervising Banks and Credit Institutions, was the latest official who disclaimed responsibility over the issue.
Speaking last week on criticisms and concerns that the implementation of CBI policies has stopped banks from trading their shares in the market and led to their suspension, the official chose to stick to positive aspects of the issue.
“In the past, a major portion of the banks’ income was generated through services and fees of international operations and these revenues were highly influential in financial statements,” Kamarei said.
“Therefore, if the greater transparency of financial statements leads to the expansion of ties between banks and goes on to bulk up their income from services and fees, their share prices will certainly increase.”
The deputy head of Bank Mellat said all Iranian banks mired in the controversial issue are facing the same circumstances. However, he did note that each bank follows up on it individually and based on its own conditions.
“Each bank has been obligated to enter into negotiations with CBI and the Ministry of Economy based on its shareholders’ decisions,” Lakzaei said.
According to the official, no stakeholder in any of the banks is pleased with the suspension of trading in the equity market.

 

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