BAKU, Azerbaijan, October 26. One of Iran’s
leading banks, Ayandeh Bank, has declared bankruptcy, and its
assets have been transferred to state ownership, Trend reports.
Founded in 2012, the bank had a vast network of 260 branches
across the country, employing approximately 4,000 people. However,
in recent years, the bank’s financial situation has sharply
deteriorated due to mounting debt: losses have reached $5.2
billion, and debt has reached approximately $2.9 billion.
After 13 years of operation and more than a decade of
unsuccessful restructuring attempts, Ayandeh officially declared
bankruptcy. All its assets, deposits, and branches were transferred
to the National Bank of Iran. According to sources, Ayandeh
accounted for approximately 42% of the country’s total banking
system insolvency, leading it to be called a “giant among troubled
banks.”
The main cause of the financial collapse is said to be excessive
interest rates on deposits, significantly exceeding the banking
sector average. To cover liabilities on old deposits, the bank
actively attracted new ones, which ultimately caused a serious
liquidity crisis. Furthermore, Ayandeh participated in the
financing of expensive projects, including the construction of the
grand Iran Mall shopping and entertainment complex in Tehran.
