Economy, Business And Markets

$12b Offered in Saderat Bank Loans

$12b Offered in Saderat Bank Loans$12b Offered in Saderat Bank Loans

Saderat (exports) Bank offered 442 trillion rials ($12.4 billion at market exchange rate) in loans from March to October this year.

The loans have been given by the Tehran-based lender to private and state firms operating in various sectors, namely agriculture, mine and industries, commerce and services and construction.

Saderat Bank of Iran announced in a statement this week that it provided the loans “in line with the government’s economic policies and in order to develop the country.”

According to the state-owned lender, the commerce and services sector recieved the lion’s share of the loans taking home 164 trillion rials. Industry and mining loans came second with 112 trillion rials. The housing sector and agricultural loans came third and fourth with 105 trillion and 51 trillion rials, respectively.

Meanwhile, Saderat has introduced a new mobile phone service called “Hambank”, enabling customers to perform various banking transactions via their phone operator.

The lender is the largest listed bank in the Tehran Stock Exchange. Saderat handles 367,000 clients online with an average of 10 million transactions a month. The bank also has 440,500 points of sale, generating over 32 million transactions every month.

It is one of the largest banks in the Middle East and has 28 international branches providing services in 12 countries.