Iran Declares Major Lender Ayandeh Bank Bankrupt

TEHRAN: Iran has officially declared one of the country’s largest private banks, Ayandeh Bank, bankrupt, with its assets now absorbed by the state. The move follows years of financial struggles for the bank, which has been crippled by debt and losses amid the country’s ongoing economic challenges.

Founded in 2012, Ayandeh Bank had a network of 270 branches across Iran, with 150 in Tehran alone. However, its debts had ballooned to an estimated $2.9 billion, with accumulated losses totaling approximately $5.2 billion, according to the ISNA news agency.

On Saturday, queues of customers were seen outside a former Ayandeh Bank branch in Tehran, with police presence reported. In response, the state-owned Melli Bank has taken over Ayandeh Bank’s assets. The Central Bank of Iran has assured depositors that they will be able to recover their savings.

“The transfer from Ayandeh Bank to Melli Bank is now complete,” said Melli Bank director Abolfazl Najarzadeh on state television.

Iranian Economy Minister Ali Madanizadeh reassured customers on Thursday, stating they had “nothing to worry about.”

The bank’s collapse comes amid renewed economic sanctions following the United Nations’ snapback measures imposed on Iran in September. These sanctions are the result of stalled nuclear talks and a turbulent diplomatic period, further exacerbating Iran’s financial challenges.

Read More:The government saved the country from bankruptcy, the captain’s acknowledgment

Former Prime Minister and Chairman of Pakistan Tehreek-e-Insaf (PTI), Imran Khan, has acknowledged that the current government has successfully stabilized Pakistan’s economy, which was on the brink of collapse during his tenure. Speaking to journalists during his appearance at Adiala Jail in Rawalpindi, Khan admitted that while the country’s economy has found some stability, it is still far from experiencing full recovery and growth.

Responding to a question from a reporter about whether he accepted that the economy had been saved from default, Khan said, “Yes, the economy has been stabilized, but it is only to a certain extent. The real challenge now lies in initiating developmental projects and ensuring further strengthening of the economy.”