Iran Revotutionary Guards establish own bank

Islamic Revolutionary Guards of Iran logo

The Islamic Revolutionary Guards of Iran established their first bank with the approval of Iran’s Money and Credit Council.

Ansar Financial Corporation, the active money and credit organization, after years of financial activity became a national bank upon showing a 20-trilloin-rial capital, 35 percent of which had to be deposited in a financial institution.

Mahmoud Bahmani, head of Iran Central Bank, told IRNA the bank’s stock will have to become open for public purchase.

Ansar Bank started out in 1989 as a loan fund providing loans to meet the needs of the Revolutionary Guards. It became a Financial Corporation in Mahmoud Ahmadinejad’s first term of presidency and now has 600 branches nationwide.

The Revolutionary Guards are reportedly going to transform Mehr organization and its offspring “Mehr Iranian Economy”, which run their activities under the name of Basij loan fund, into a bank as well.

Large stock holdings from Telecommunications of Iran, Mobarakeh Steel, Tabriz Tractor Manufacturing, Jaber-Ibn-Hayyan Pharmaceutical Co., Sadra and Iralco are amongst the many stock assets of this organization.

Mehr started its activities in 1994 with a 10-million-rial donation from the Supreme Leader, and in 2007 boasted second highest economic growth in the country’s financial sector.