Bank Shahr Explained

Shahr Bank
Type:Public
Industry:Financial services and investment (IRR and foreign currencies)
Location:Iran
Hq Location City:Tehran, Ferdowsi Square
Services:All financial services provided by the bank and its subsidiaries
Num Employees:More than 4,000
Traded As:وشهر
Founded:February 2009
Key People:
  • Barat Karimi (chairman)
  • Mohammad Mehdi Ahmadi

Shahr Bank is one of the private banks in Iran that officially started its operations on February 9, 2009. In the past, this bank provided financial services under the names "Honarvaran Shahr Cooperative" and "Shahr Credit Cooperative."[1] [2]

Shahr Bank was founded by the Tehran Municipality, and its shares are primarily owned by municipalities of various cities and metropolitan areas, municipal employees, and a portion of the Iranian public.[3] [4]

In 2014, it recorded the highest resource growth among private banks. The bank has branches in many cities of Iran.[5] [6] [7] [8] [9]

History

The Shahr Credit and Financial Institution was established with authorization from the Central Bank and with shares owned by the municipalities of Tehran and other Iranian metropolitan areas. It started its official operations on February 9, 2009, with an initial capital of 1.5 trillion Iranian rials.

The main motivation behind establishing this bank was to meet municipalities' need for large-scale financing, liquidity, and capital to cover urban development costs, aiming for self-sufficiency in urban management.

After extensive efforts by senior managers of Tehran Municipality and other metropolitan areas, and with an increase in capital by shareholders to 2 trillion rials, the Central Bank, in coordination with the High Council of Money and Credit, approved the registration of Shahr Bank on February 8, 2010. The bank officially opened on March 8, 2010.

Two years after its establishment, the shareholders raised the bank’s capital to 4 trillion rials to provide necessary liquidity. This amount remained until 2013, when the capital increased to 7.9 trillion rials in July. By December 2015, it had reached 15.573 trillion rials.[10] [11]

Shareholders

According to reports published by the bank, approximately 30% of Shahr Bank's shares are publicly traded. A portion of the shares is held by employees of subsidiaries of Tehran Municipality, employees of municipal organizations in other metropolitan areas, and private individuals. The main shareholders of Shahr Bank are listed below:

Subsidiaries

Shahr Bank has four subsidiaries: a financial and economic holding company with eight sub-companies, an information technology holding company with three subsidiaries, an industrial, mining, and energy holding company with two sub-companies, and four independent companies under its structure.[12]

Construction and Urban Development Holding

Financial and Economic Holding

Information Technology Holding

Industrial, Mining, and Energy Holding

Structure

Board of Directors

Shahr Bank's board consists of seven members: Seyed Mohammad Mehdi Ahmadi (CEO and board member), Barat Karimi (Chairman), Javad Attaran (Board Member), Hesam Habibollah (Board Member), Reza Yarifard (Board Member), Mehdi Mirza Mohammadi (Board Member), and Vahid Mohammadreza Khani (Board Member).[13] [14]

Mission, Vision, Values, and Strategic Goals

Mission[15]

Shahr Bank engages in diverse financial, monetary, and investment activities across various sectors of the Iranian banking industry. It aims for an active presence in domestic and international markets, offering distinctive services. The bank’s unique, innovative, and diverse services will be delivered through tailored business models to serve both individual and corporate clients, domestically and abroad. This customer-centric approach facilitates agility and flexibility for organizational excellence and professional operations.We regard trust-building, creative thinking, honesty, confidentiality, and loyalty as our primary responsibilities, and we take pride in having educated, creative, honest, and specialized employees.

We consider customers as partners and their interests as our own. Based on this, we collaborate and synergize with urban management and affiliated organizations to pursue national development capacities and shared social responsibilities.

Excellence in service delivery and speed at any moment and place, utilizing information technology, as well as reducing organizational costs that ensure the interests of our stakeholders and guarantee sustainable profitability, are fundamental goals of the bank.

Another goal the bank strives to achieve is the improvement and empowerment of the organization, managers, and employees to attain a leading position among private banks.

Vision

  1. Committed and outstanding in creating added value for stakeholders
  2. Leadership among private banks
  3. Adherence to principles and professional banking ethics
  4. Expansion of foreign exchange activities
  5. Development and provision of modern banking services and designing new tools for service delivery
  6. Effective presence in the market and meeting customer needs in the fastest possible time
  7. Attracting and retaining customers
  8. Achieving the slogan "Every branch is a bank" for greater profitability

Values

Strategic Goals

In line with its organizational mission and duties and to provide high-quality banking services, Shahr Bank declares its commitment to laws, regulations, and continuous process improvement, as well as its vision, mission, core values, and policies as follows:

Vision:

"The first choice for citizens in Iranian metropolitan cities with a focus on service innovation."

Mission:

"Providing financial, monetary, and investment services for the sustainable development of urban community life quality."

Core Values:

"Innovation and diversity, transparency, mutual respect and trust, collaboration, teamwork, and commitment to the community."

Policy:

Services

Deposits

Loans and Commitments

Foreign Exchange Deposits

Other Services

Electronic Banking

Shahr Access

Shahr Front Desk

ShahrCard

Shahr Payment Gateway

Shahab Code Inquiry

Standardization

Bank Shahr, considering the requirements of international quality management system standards based on ISO 9001, customer complaint management system based on ISO 10002, environmental management system based on ISO 14001, and training management system based on ISO 10015, has set the achievement of the strategic pillars of these standards as its primary goal.[16]

Social Responsibility

The bank has contributed to the completion of urban projects in Tehran, such as Imam Ali Highway, the Sadr Elevated Bridge, Niyayesh Tunnel, and the development of rail lines in metropolitan cities, including Lines 6 and 7 of the Tehran Metro, all of which have been completed with the bank's support. Additionally, the bank has provided banking services for Iranian pilgrims in Iraq and at the Tehran International Book Fair and in all 29 provinces of Iran, as well as issuing virtual voucher cards for use with Midan-Near Communications—all of which are considered significant social services provided by the bank.[17] Bank Shahr was also the sponsor of the second National Multimedia Cultural Heritage Festival in Qazvin.[18]

Festivals and Awards

External Links

Notes and References

  1. Web site: Persian. History of Shahr Bank. Official website of Shahr Bank. May 18, 2010. September 8, 2018. https://web.archive.org/web/20180908210241/http://shahr-bank.ir/general_content/77123/77123.htm. dead.
  2. Web site: Tehran District 1 Mayor: "Shahr Bank" is a strong supporter of the city and urban management . May 18, 2010. Aftab. Persian.
  3. Web site: Qalibaf: The core activity of Shahr Bank is urban development. May 18, 2010. Shafaf News. Persian. https://web.archive.org/web/20100309170311/http://www.shafaf.ir/fa/pages/?cid=17014. March 9, 2010. dead.
  4. Web site: Main Shareholders. May 18, 2010. Shahr Bank. Persian. https://web.archive.org/web/20110625043203/http://city-bank.ir/index.aspx?siteid=1&siteid=1&pageid=179. June 25, 2011. dead.
  5. Web site: Qalibaf: Opening four branches of Shahr Bank soon. May 18, 2010. Eco News. Persian. https://web.archive.org/web/20131205074344/http://www.econews.ir/fa/NewsContent-id_129646.aspx. December 5, 2013. dead.
  6. News: رادیوفردا . 2020-10-08 . America sanctioned 18 other Iranian banks . 2024-12-03 . رادیو فردا . fa.
  7. News: The Trump administration sanctioned 18 Iranian banks . 2024-12-03 . BBC News فارسی . fa.
  8. Web site: 2020-10-09 . America sanctioned 18 Iranian banks . 2024-12-03 . ار.اف.ای - RFI . fa.
  9. Web site: Prediction of Iran's economic "difficult year" in the confidential reports of the Islamic Republic . 2024-12-04 . www.radiofarda.com.
  10. Web site: Establishment of 47 Shahr Bank Branches by Year-End . Donyaye Eqtesad.
  11. Web site: Shahr Bank Official Website. Shahr Bank History. September 17, 2024.
  12. Web site: Fa. Shahr Bank. Subsidiaries.
  13. Web site: Shahr Bank Website. Board Members. September 16, 2024.
  14. Web site: Fa. Shahr Bank. Shahr Bank Structure.
  15. Web site: Fa. Shahr Bank. Mission, Vision, Values, and Strategic Goals.
  16. Web site: Structure . September 16, 2024 . Shahr Bank Website.
  17. Web site: Ibna . Central Bank Reference Media . 2019-11-03 . Bank Shahr's attention to social responsibility by attending cultural events . 2024-12-03 . fa . fa.
  18. Web site: 2023-11-29 . Bank Shahr pays special attention to the field of social responsibility . 2024-12-03 . رسانه مسئولیت اجتماعی CSR . fa-IR.
  19. Web site: Introducing Bank Shahr as the second most popular bank in the country, according to the votes of citizens and customers of the banking network . 2024-12-03 . eghtesadsaramad.ir . fa.
  20. Web site: TABNAK . تابناک . 2024-10-16. Giving the highest badge of social responsibility to Shahr Bank . 2024-12-03 . fa . fa.
  21. Web site: Awarding the golden statue of the 7th National Summit of Social Responsibility and Organizational Culture to Shahr Bank . 2024-12-03 . Awarding the golden statue of the 7th National Summit of Social Responsibility and Organizational Culture to Shahr Bank . fa.
  22. Web site: 2024-07-22 . Shahr Bank ranked second among stock market banks in terms of capital . 2024-12-03 . خبرگزاری مهر اخبار ایران و جهان Mehr News Agency . fa.

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