Wednesday 18 February 2009

Gulf, Europe banks eye stake in Iranian bank

Iran's Bank Mellat is holding talks with banks from the Gulf Co-operation Council and Europe to offload 80 per cent stake in the bank, an executive said yesterday.

Mellat Chairman Ali Divandari told reporters talks were under way with a number of European and Gulf banks and that the sale will take place over the next two years.

The Mellat selloff is part of a privatisation drive ordered by the energy rich nation's supreme leader Ayatollah Ali Khamenei in 2006 but which has made only sluggish progress since.

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