Iran banks pressed to retreat from asset speculation - FT.com:
"Cranes crowd an 11,000sq metre patch of prime property in one of north Tehran’s most affluent areas as workers race to build a 19-storey tower that will encompass a huge shopping mall.
An adjacent hoarding announces that the main contractor of what will be the Atlas Mall is the Iranian Atlas Company, a private construction group. But this enterprise is in fact owned by Bank Ansar, which is affiliated to the elite Revolutionary Guards.
Iran has eight state-run and 19 “privately owned” banks – although these are frequently subject to interference from the state, with their shares bought by entities affiliated to power centres, which then influence banking policies and exploit funds – all of which have invested heavily in the ownership and management of commercial entities outside the banking sector."
'via Blog this'
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