The National Development Fund bought 33% of Sina Bank

According to the financial news report, citing the public relations of the National Development Fund, Mehdi Ghazanfari, the chairman of the executive board of the National Development Fund, explained that with the permission of the Central Bank, the National Development Fund purchased 33% of Sina Bank. It was announced that the National Development Fund is looking to buy the shares of a commercial bank, this was done this year and the contract to purchase 33% of Sina Bank was finalized on Saturday, April 19 of this year. Based on this, we cleared 33% of the bank’s value with claims through the claims that the National Development Fund had from Mustafafan Foundation.

Emphasizing that the National Development Fund can provide financial instruments in the bank’s subsidiary so that it can play a more effective role in the monetary and financial markets of the country, he said: In order to be effective in the development, the National Development Fund must be able to do development work for itself. do it. It means to complete the financial and banking instruments and not have any loss transactions. Based on this and with the acquisition of 33% of Sina Bank, part of the licenses that were obtained for monetary and financial affairs will be activated. Among them, it is possible to mention the issuance of Riyal-currency guarantee, operationalization of buyer and seller credit, provision of Riyal loans, etc.

According to this report, the National Development Fund acquired 8.370 billion shares of Sina Bank worth more than 4500 billion Tomans.