BAKU, Azerbaijan, October 26. One of Iran's leading banks, Ayandeh Bank, has declared bankruptcy, and its assets have been transferred to state ownership, Trend reports.
Founded in 2012, the bank had a vast network of 260 branches across the country, employing approximately 4,000 people. However, in recent years, the bank's financial situation has sharply deteriorated due to mounting debt: losses have reached $5.2 billion, and debt has reached approximately $2.9 billion.
After 13 years of operation and more than a decade of unsuccessful restructuring attempts, Ayandeh officially declared bankruptcy. All its assets, deposits, and branches were transferred to the National Bank of Iran. According to sources, Ayandeh accounted for approximately 42% of the country's total banking system insolvency, leading it to be called a "giant among troubled banks."
The main cause of the financial collapse is said to be excessive interest rates on deposits, significantly exceeding the banking sector average. To cover liabilities on old deposits, the bank actively attracted new ones, which ultimately caused a serious liquidity crisis. Furthermore, Ayandeh participated in the financing of expensive projects, including the construction of the grand Iran Mall shopping and entertainment complex in Tehran.