Banks Sell Surplus Property, Generate $1 Billion

Banks and credit institutions have sold property and non-financial assets worth 150 trillion rials ($1.1 billion) since the beginning of current fiscal year in March 2019, said an official with the Economy Ministry.

Financial Tribune- Abbas Memarnejad, deputy minister for banking, insurance and state companies' affairs, said the lenders are supposed to sell 400 trillion rials ($3 billion) of their properties by next March.
Pointing to the variety of assets, Memarnejad said the assets include real estate, manufacturing units, and shares that will be divested as per regulations pertaining to each asset, ILNA reported.
Skittish lenders are under mounting government pressure to end their non-banking businesses by getting rid of expensive real estate and surplus holdings.

Publish Date: Jan 11, 2020