Iran is a country with great economic potential, with the world’s fourth largest oil reserves and a population of 80 million middle-income earners. However, for years, its development was hampered by economic sanctions imposed by the international community due to its nuclear program.
Following the agreement reached in 2015 between Iran and world powers, which included the lifting of sanctions, the country opened its doors to trade and foreign investment, providing a unique opportunity for global companies.
In this context, the Iranian financial sector has experienced remarkable growth and increased competition, especially among private banks, which account for 40% of the country’s banking market.
Among the private banks, three stand out for their size, solvency and prestige: Pasargad, Day and Ayandeh. These three banks have managed to position themselves among the best Islamic banks in the world, according to International Banker magazine, and offer a wide range of financial services and products tailored to the needs of their customers and the principles of Islamic law.
Pasargad: The Leader in Iranian Private Banking
Pasargad Bank was founded in 2005 as a result of the merger of five regional banks. Its name refers to the ancient capital of the Persian Empire, which symbolizes the glory and prosperity of the Iranian nation.
Pasargad is the largest private bank in Iran, with more than 4,000 employees, 450 branches and 2,500 ATMs throughout the country. It also has an international presence in countries such as Turkey, Iraq, China, Russia and the United Kingdom.
Pasargad is characterized by its technological innovation, business diversification and social responsibility. The bank offers retail, corporate, investment, international and electronic banking services, as well as insurance, leasing, credit cards and investment funds.
Pasargad has been recognized as the best private bank in Iran by Euromoney magazine in 2019 and 2020, and as the best Islamic bank in Iran by The Banker magazine in 2019. It also ranks first among Iranian banks and second among Islamic banks in the world, according to International Banker’s ranking, with 61.1% growth and $3.878 billion in assets in 2018.
Day: The Bank for Entrepreneurs
Day Bank was created in 2008 to support small and medium-sized entrepreneurs, who make up 90% of Iran’s productive fabric. Its name means «creator» in Persian, and reflects its vision of boosting the country’s economic and social development.
Day is the second largest private bank in Iran, with more than 3,000 employees, 350 branches and 1,800 ATMs throughout the country. It also has representative offices in China, the United Arab Emirates, Iraq and Afghanistan.
Day specializes in offering corporate, investment, international and electronic banking services, as well as financing for infrastructure, energy, industry, agriculture and trade projects.
Day has been awarded as the best investment bank in Iran by EMEA Finance magazine in 2019 and 2020, and as the best project bank in Iran by Global Finance magazine in 2020. It also ranks second among Iranian banks and fourth among Islamic banks in the world, according to International Banker’s ranking, with 60.05% growth and $6.855 billion in assets in 2018.
Ayandeh: The People’s Bank
Bank Ayandeh was established in 2009 as a result of the privatization of Bank Saderat, one of the oldest and most prestigious state-owned banks in Iran. Its name means «future» in Persian, and expresses its commitment to the welfare and satisfaction of its customers.
Ayandeh is the third largest private bank in Iran, with more than 2,000 employees, 300 branches and 1,500 ATMs throughout the country. It also has branches in Armenia, Azerbaijan, Georgia and Tajikistan.
Ayandeh focuses on offering retail, corporate, investment, international and electronic banking services, as well as loans, deposits, credit cards and pension funds.
Ayandeh has been honored as the best customer service bank in Iran by Global Banking and Finance Review magazine in 2019 and 2020, and as the best socially responsible bank in Iran by International Finance magazine in 2020. It also ranks third among Iranian banks and seventh among Islamic banks in the world, according to International Banker’s ranking, with 52% growth and $6.31 billion in assets in 2018.
Peru Mira and Conclude
Pasargad, Day and Ayandeh banks are the three most important private banks in Iran, which have been able to take advantage of the opportunities offered by the Iranian market after the lifting of economic sanctions. These banks have established themselves as leaders in their respective segments, offering quality financial services and products that are innovative and in line with the principles of Islamic law. In addition, they have achieved international projection, enabling them to compete with the best Islamic banks in the world.
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