Iran’s Ayandeh Bank declares bankruptcy
Ayandeh Bank, one of Iran’s largest private banks, has declared bankruptcy, with its assets being absorbed by the state-owned Melli Bank.
Established in 2012, Ayandeh Bank operated a network of 270 branches nationwide, including 150 in the capital, Tehran. However, the bank had recently been crippled by mounting debt, reportedly accumulating losses of approximately $5.2 billion and liabilities of around $2.9 billion.
Following a decision by the Central Bank of Iran, Melli Bank has taken over Ayandeh’s assets. Authorities have assured depositors that their savings remain secure and accessible. “The transfer from Ayandeh Bank to Melli Bank is now complete,” confirmed Melli Bank director Abolfazl Najarzadeh on state television.
Central Bank official Hamidreza Ghaniabadi attributed the collapse to “bad debts”, revealing that over 90% of Ayandeh’s funds had been allocated to affiliated parties or bank-managed projects, but many were never repaid.
Ayandeh Bank had financed extravagant ventures, including the colossal Iran Mall in Tehran, which features an ice rink and multiple cinemas.
In addition to Ayandeh, five other banks, namely: Sarmayeh, Day, Sepah, Iran Zamin, and Melal, are reportedly facing financial distress, according to Tasnim news agency.
The crisis unfolds against the backdrop of renewed United Nations sanctions, re-imposed in September after diplomatic efforts to revive nuclear negotiations collapsed. Talks had faltered since June, following joint Israeli and US strikes on Iranian nuclear facilities.
