Iranian Bank's Rank Rising

By The Moscow Times

April 23, 2012

Mir Business Bank, the Russian subsidiary of Iranian state-run Bank Melli, which is subject to European Union sanctions, had the fastest growth in assets among Russia's 200 biggest lenders in the first quarter, Interfax reported.

The Iranian bank rose to 96th place among the country's lenders, in the top 100 for the first time, after assets more than doubled to 36.4 billion rubles ($1.2 billion).

The bank was the country's 177th-largest in 2011, up from 366th place a year earlier. Its assets expanded more than ninefold over the last five quarters. The bank's single office is in Astrakhan.

(MT)

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