Our Goal Is Banking Not Running Enterprises!
Managing Director of the Bank of Industry and Mine (BIM) Ali Ashraf Afkhami
after trading the shares of the bank’s investment company, stated: “Our goal
is banking, not running enterprises. Managing economic enterprises was
imposed on our bank at a certain juncture of time.”
Speaking to the BIM news website, Afkhami outlined the policies of the bank
in trading the companies under its cover. He said the BIM as a development
bank and due to the nature of its activities has not been seeking to run
enterprises and that the current business establishments under its cover
were all delegated to the bank under certain circumstances.
He pointed out that the number of BIM subsidiary companies was very small
compared to other banks in the country, noting: “We have started
implementation of the BIM divestment policy since the calendar year 1392
(2013/14) and during this time a large number of subsidiaries have been
transferred. But the transfer of the BIM Investment Company due to the
particular status and successful record was more important.
Afkhami added that certain regulations may have caused a delay in
divestitures, but his bank never wanted to have these enterprises and
instead was more interested in developing the banking capacity and
increasing international interactions.
Commenting on trading the BIM Investment Company, he said: “The company is
one of the successful and profitable companies in the stock exchange. In
line with the government policy of divestiture and the emphasis placed by
minister of economic affairs and finance we succeeded in successfully
transferring 51 percent of the company stock on Feb. 13 after identifying
legally eligible buyers.”
Afkhami thanked the ministers of economic affairs and finance, and industry,
mine and trade for their full support for the transfer of the subsidiaries
to the private sector. “After the 51 percent stake in the BIM Industry and
Mining Investment Company was offered at the Stock Exchange, Iran Industrial
Development Investment Company was picked as the buyer out of some
competitors under the supervision of the Securities and Exchange
Afkhami noted that the BIM has been among pioneers in the country’s banking
system in several areas such as opening of L/Cs after Iran Nuclear Deal (JCPOA),
acquisition of the foreign credit lines, and establishing brokerage
relations with 90 banks in 36 countries, and today by trading 2.295 billion
shares of the BIM Investment Company at 4,360 billion rials.