Bank Pasargad

Bank Pasargad
The Millennium Bank
March 2011
No. 430 Mirdamad Blvd., Tehran 1969774511, Iran
Tel: (+9821) 82891575; Fax: (+9821) 88649521
Website: www.bankpasargad.com
Swift: BKBPIRTH
Table of Content
BANK PASARGAD
The Millennium Bank
 Summary Timeline of Bank Pasargad’s Establishment
3
 Introduction
5
 Vision and Mission
6
 Shareholders
8
 Organization Chart
9
 Facts and Figures
10
 Awards & Achievements
11
 Executive Board of Directors
13
 Extensive Network of Bank Pasargad’s Geographic Coverage
16
 Electronic Banking Services
18
 Subsidiaries and Affiliates
19
 Human Capital
20
 Human Capital Training Courses
21
 Public & Educational Activities
22
 Overview of Bank Pasargad's Financial Results
24
 Bank Pasargad’s Competitive Advantages
25
 Key Performance Measures
33
 Foreign Exchange Operations
40
Summary Timeline of Bank Pasargad's Establishment
BANK PASARGAD
The Millennium Bank
June 2005
2nd Aug 2005
Establishment of Pars Aryan Holding Co. as the founder and major shareholder of Bank
Pasargad
Initial Public Offering (The IPO) of Bank Pasargad's stock, was received very well by the public
so that the initial intended capital was fully subscribed in less than 2 hours and after
consulting with the Central Bank of The Islamic Republic of Iran (CBI) the decision was made to
continue the offering up to the close of the same day
4th Sep 2005
Bank Pasargad registered with the Companies Registrar Office in Tehran (Registration No.
254300)
13th Sep 2005
Banking operation's license No. H/2849 granted by the CBI
14th Sep 2005
Inauguration of The Bank.
13th Dec 2005
Start up of the first branch.
7th Feb 2006
License for international banking operations was granted as per category I & II of CBI’s circular
No. 1096/MB.
12th Dec 2006
License for full international banking operations granted by the CBI
3
Bank Pasargad’s Major Shareholder
BANK PASARGAD
The Millennium Bank
Pars Aryan Investment Co. (Plc) was initially incorporated under the name of “Minoo Industrial Group
Investment Co., (Ltd)” on Oct 2nd ,2002 . In June 2005 the company was taken over by founders of
Pasargad Financial Group as first step in establishment of “Bank Pasargad”, the biggest private bank in
Iran.
Preparation of the legal and administrative procedures for presentation of Bank Pasargad’s shares in
I.P.O. market was the first step taken by Pars Aryan, after which, Pars Aryan acted as the main market
maker for Bank Pasargad’s shares and other affiliates in Bank’s OTC market.
Pars Aryan Investment Company (founder), holding 29.70% of Bank Pasargad’s share ,is a private
investment company whose shareholders come from all sectors of economy and diversified classes such
as private individuals, investment companies, pension funds, EPC companies, Building/Construction
Societies, auto industry, professional people namely top elite physicians, university professors and
lawyers, whose presence as some of the founders was a value to the group.
The initial capital of the Pars Aryan Investment Co. at the time of take over was 1,000 billion IRR and
now it is increased up to 2760 billion IRR.
4
Introduction
BANK PASARGAD
The Millennium Bank
Bank Pasargad as a full licensed bank provides all banking services in local and foreign currency in
compliance with international and local rules and regulations to her distinguished clients. The
bank's reputation of quality services and performance in line with the international principles
and world's high banking standards, have resulted in several achievements namely:
 Market Share of more than 5% in Iran’s banking system in less than 4 years
 Market Share of 20% among Iranian private banks, 4 of them established 5 years earlier
Bank Pasargad as the fastest growing private bank:
Started activity as the 6th Iranian private bank

Dec 2005

July 2009

Target for 2013
Promoted to stand as the 1st Iranian private bank
Is planned to be the 1st bank in the Middle East
5
Vision & Mission
BANK PASARGAD
The Millennium Bank
Our Vision
We, at Bank Pasargad strive to reach our strategic goal and attain a position within the top 500
companies in the globe, as the bank of the choice, agent of change and the leader in our
community and selected markets.
We will do so by:

Providing solutions that consistently meet or exceed the needs and aspirations of our Community and
Customers.

Upgrading the standards for service delivery and value creation in banking industry

Being influential in enhancing the standards of development of our industry.
6
Vision & Mission
BANK PASARGAD
The Millennium Bank
Our Mission
Maximizing the added value for our clients, shareholders, community, and
our staff alike through:
Providing the highest quality Islamic banking solutions.
Arranging a variety of sophisticated commercial and merchant banking
products and services for our clients.
Offering private banking and asset management services for clients as well as
conducting efficient trading, investment and treasury activities, through our in
house specialized banking services, or through our more than 40 subsidiaries.
Creating sustainable shareholders wealth by means of business growth and
management efficiency.
Providing a challenging and pleasant business environment for our dedicated
colleagues.
Observing prudential standards and standing accountable to our community
and environment by sponsoring the professional and educational
programs, sports activities, benevolent contributions and so far.
7
Bank Pasargad's Shareholders
BANK PASARGAD
The Millennium Bank
Bank Pasargad is a private bank with the common shareholders who are of private sector and
individual public. Major shareholders and their respective holdings by Nov 2010 were as follows:
Type
No. of Shareholders No. of Shares (Million)
% Ownership
Real Persons
44,377
6,246
27.04
Legal Entities
205
16,854
72.96
44,582
23,100
100
Total
Shareholders' Structure
Pars Aryan Investment Co.
%20
Kharazmi Investment co.
%70.81
%5.36
Hamyari Kowsar
%3.8
Others (less than 5%)
8
Organization Chart
Credit Risk Committee
Market Risk Committee
BANK PASARGAD
General Assembly
The Millennium Bank
Audit Committee
Legal Inspector
Supervisory Risk
Management Committee
Board of Directors
Liquidity Risk
Committee
Operational Risk
Committee
Nomination Committee
Strategy Committee
Executive Risk
Management Dept.
Managing Director
Credit Risk Assessment
Unit
Executive Board
Committee
Market Risk
Assessment Unit
Liquidity Risk
Assessment Unit
Operational Risk
Assessment Unit
Management Office
Secretary & Counselors
Assets & Liabilities
Management Committee
Legal Affairs
Credit Committee
Public Relations
Innovation Committee
Corporate Banking
Marketing & Advertisement
Committee
Internal Audit & Inspection
Human Capital
Technology & IT Committee
Executive Board Member
Logistics
Executive Board Member
Branch
Affairs
Corporate
Planning
Executive Board Member
IT
Finance
Executive Board Member
International
Affairs
Trade
Finance
Executive Board Member
Investment &
Participation
Affairs
Credit s &
Loans
9
Facts and Figures
BANK PASARGAD
The Millennium Bank
Capital Changes:
Our Unique Success in the History of Iranian Economy:
We increased our paid up capital from USD 770 million to USD 2.3 billion through an
IPO on Nov 1st 2010.
Capital Changes
Billion IRR
Total (Billion IRR)
Initial Capital (2005)
3,500
3,500
1st Capital Increase (2007)
1,750
5,250
2nd Capital Increase (2008)
1,750
7,000
3rd Capital Increase (Nov 2009)
700
7,700
4th Capital Increase (Nov 2010)
15,400
23,100
10
Awards & Achievements
BANK PASARGAD
The Millennium Bank
29th Among Top 100 Iranian Companies as per latest assessment made by Iran's
Industrial Management Institute in fiscal year 2008.
Our World Ranking Among Top 1000 Banks in The Banker
Winner of the Banker’s Bank of the Year Award 2010
in Iran
Ranked as 574th as per Banker’s issue of July 2009,
based on March 2008 financial figures which was also
used in last year’s ranking. While our ranking based on
March 2009 figures, would be as the 488th bank.
Ranked as 435th in July 2010
No.1 Iranian Private Bank by Tier 1 Capital
Highest Profit Increase among Iranian Banks
11
Executive Board of Directors
BANK PASARGAD
The Millennium Bank
Mr. Majid Ghassemi
Board Member
Vice Chairman & Managing Director
Ex Governor of the Central Bank of Islamic Republic of Iran
Tel: (+9821) 82891001 ; Fax: (+9821) 88649521 ; Email: m.ghassemi@bankpasargad.com
Mr. Ahmad Vadidar
Board Member
Board Member of Chief Executive Officers, in Charge of Bank’s Branches & Planning Affairs
Tel: (+9821) 82891012 ; Fax: (+9821) 88649234 ; Email: a.vadidar @bankpasargad.com
12
Executive Board of Directors
BANK PASARGAD
The Millennium Bank
Mr. Zabihollah Khazaei
Board Member
Board Member of Chief Executive Officers, in Charge of Financial & IT Affairs
Tel: (+9821) 82891019 ; Fax: (+9821) 88649234 ; Email: z.khazaei@bankpasargad.com
Mr. Mostafa Beheshtirouy
Board Member
Board Member of Chief Executive Officers, in Charge of International Banking Affairs
Tel: (+9821) 82891011 ; Fax: (+9821) 88649234 ; Email: m.beheshti @bankpasargad.com
13
Executive Board of Directors
BANK PASARGAD
The Millennium Bank
Mr. Mohammad Reza Sedaghat Tafreshi
Board Member
Board Member of Chief Executive Officers, in Charge of Loan & Credit Affairs
Tel: (+9821) 82891017 ; Fax: (+9821) 88649234 ; Email: m.sedaghat @bankpasargad.com
Mr. Gholam Hossein Vahidnia
Board Member of Chief Executive Officers, in Charge of Bank’s Logistic Affairs
Tel: (+9821) 82891015 ; Fax: (+9821) 88649234 ; Email: gh.vahidnia @bankpasargad.com
14
Extensive Network of Bank Pasargad's Geographic Coverage
BANK PASARGAD
The Millennium Bank
Map of Iran with Bank's Branches located on it
15
Number of Branches
BANK PASARGAD
The Millennium Bank
Bank Pasargad has been quite successful in expanding its network of
branches in such a short period of time since its inception.

Bank Pasargad’s number of branches have increased from 150 in 2007 to 268 by March 2011
Item
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010- 2011
25
82
150
202
233
268
No. of Branches
300
200
100
0
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010 -2011
16
Electronic Banking Services
BANK PASARGAD
The Millennium Bank
Virtual Banking Services
Online Banking Services
SMS Banking Services
Telephone Banking Services
Email Banking Services
Mobile Banking Services
Card Services Include:
 Student Card
 Cash Card
 Joint Card
 Gift Card
 Credit Cards
 Health Card
 Family Card
 Shopping Card (voucher card)  Debit Cards
17
Subsidiaries and Affiliates
BANK PASARGAD
The Millennium Bank
Bank Pasargad’s financial group consists of the bank and a series of subsidiaries, active in the
major fields of:
Insurance
Stock Brokerage
Investment
Machinery leasing
Mining Industry
Energy
Construction Leasing
Construction Industry
Pars Aryan Investment PLC, as the
group's parent company is responsible
for control and management of the
financial group. The following table
shows the banks main subsidiaries and
affiliates in order of their ownership as
March 2010 fiscal year .
Some of the Companies
Bank's Share
%
Million IRR
Saman Sakht Aryan Co.
99.90
599,400
Pasargad Arzesh Afarinan Co.
97.99
979,952
Bank Pasargad Leasing Co.
67
201,000
Hashtom Urbanization and Construction Co.
67
100,500
Bank Pasargad Electronic Payment Co.
67
36,850
Bank Pasargad Brokerage Co.
60
30,000
Bank Pasargad Financial and Investment Services Co.
49
49
Pasargad ICT Co. (FANAP)
49
4,900
Modaberan Sakht Aryan Co.
45
270,000
Middle East Mabna Co.
43.14
196,361
Pasargad Insurance Co.
20
83,700
Middle East Mines & Mineral Industries Development
Holding Co.
19.90
250,898
Bank Pasargad Machinery & Equipment Leasing Co.
18
18,115
Pasargad Mass Construction Development Co.
5
2,500
Pasargad Energy Development Co.
4
2,000
Pasargad Exchange Co.
70
35,000
Iranian Etekayi Insurance Co.
4
30,000
Total Investment
2,841,225
18
Bank Pasargad's Human Capital
BANK PASARGAD
The Millennium Bank
As part of our strategic goals, we, at Bank Pasargad, pay special attention to employing highly
qualified human capital. Table below demonstrates Bank's human capital separately for the
Headquarter and the Branches according to their qualifications.
Bank Pasargad's total number of human capital increased by 14% from 2009 to 2010, mostly
having university graduates and post graduates. Bank's total number of employees counts to 2,924
by fiscal year end March 2011.
Human Capital
Post Graduate
Graduate
Associate Degree
Total
Work Experience
M
F
M
F
M
F
M
F
0-10 years
67
76
992
1,212
52
2
1,111
1,290
10-20 Years
3
0
4
2
4
0
11
2
20-30 Years
3
0
4
0
1
0
8
0
Over 30 Years
27
5
113
14
307
36
447
55
100
81
1113
1228
364
38
1,577
1,347
Subtotal
Total
%
181
55
2,341
45
48
402
52
91
2,924
9
54
46
19
Human Capital Training Courses
BANK PASARGAD
The Millennium Bank
In order to upgrade the colleagues with latest changes in the banking
industry and to elevate their knowledge and skills, Bank Pasargad conducts
numerous in house training courses on :
 Islamic Banking
 Credit Analysis & Credit Rating
 AML/KYC
 Foreign Exchange Operations
 Trade Finance
 UCP & ISBP
 Organizational Behavior
This would of course lead to creativity and better management by our
colleagues in providing services and handling various tasks.
20
Public & Educational Activities
BANK PASARGAD
The Millennium Bank
Granting scholarship to first, second and third ranked applicants of the university
entrance examinations each year.
Establishment of Contemporary Visual Arts’ Museum on Oct 2009.
Supporting national sport teams in international tournaments.
Organizing athletic contests ,and sport events within the banking industry.
Conduction of training sessions for customers to acquaint them with effective use of
E-Banking services .
ACCA training within the pasargad group
21
ACCA Training within Pasargad Group
BANK PASARGAD
The Millennium Bank
Objectives:
- To enhance level of experience among our colleagues
- To create admissible job opportunities in Iran’s financial market
- To offer training courses to other industries as a public training centre in Iran and the
Middle East.
Activities:
Signing cooperation plan with ACCA and getting its approval by the Board of Directors
on 2nd April 2008.
Setting up an executive committee of 7 top professional consultants to manage and
implement the ACCA educational project.
Preparation of policies and procedures in accordance with ACCA standards.
Choosing 14 qualified students out of 350 applicant colleagues.
Initiation of F1 to F3 courses.
22
BANK PASARGAD
The Millennium Bank
BANK PASARGAD
Overview of Financial Results
Ex. rates: USD 1= IRR 9834 (20th March 2010); IRR 9717 (20th March 2009); IRR 8956 (19th March 2008);
IRR 9243 (20th March 2007) ; IRR 10299 ( Sep 2010) ; IRR 10357 (Jan 2011)
23
Competitive Advantages
BANK PASARGAD
The Millennium Bank
Among Bank Pasargad's outstanding advantages are:
High quality products and superior services
Dedicated, talented and experienced human capital
Geographically diversified network of branches, which enables
supporting customers’ needs nationwide
Issuing various credit and debit cards for different purposes
Training sessions conducted to acquaint the bank's customers
with effective use of electronic services
24
Total Assets Growth
BANK PASARGAD
The Millennium Bank
In the relatively short span of time, since Bank Pasargad's commencement of
activities, i.e. nearly 5 years ago, it has been experiencing steady growth every year.
Index
(Million IRR)
2005-2006
(fiscal year)
2006-2007
(fiscal year)
2007-2008
(fiscal year)
2008-2009
(fiscal year)
2009-2010
(fiscal year)
2010-2011
(fiscal year)
Total Assets
4,675,594
22,074,487
56,965,020
95,025,056
122,632,927
179,227,880
372.1
158.1
66.8
29
46.15
Growth %
Total Assets (Million IRR )
180,000,000
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
179,227,880
122,632,927
95,025,056
56,965,020
22,074,487
4,675,594
2005- 2006 2006- 2007 2007- 2008 2008- 2009 2009- 2010 2010- 2011
25
Total Liabilities
Assets' Growth
Growth
BANK PASARGAD
The Millennium Bank
Index
(Million IRR)
2005-2006
(fiscal year)
2006-2007
(fiscal year)
2007-2008
(fiscal year)
2008-2009
(fiscal year)
2009-2010
(fiscal year)
2010-2011
(fiscal year)
Total Liabilities
1,136,366
17,736,591
49,868,529
84,895,130
109,979,215
147,728,586
1460
181
70
29
34
Growth %
Total Liabilities (Million IRR)
160,000,000
147,728,586
140,000,000
109,979,215
120,000,000
100,000,000
84,895,130
80,000,000
49,868,529
60,000,000
40,000,000
20,000,000
17,736,591
1,136,366
0
2005- 2006 2006- 2007 2007- 2008 2008- 2009 2009- 2010 2010- 2011
26
Assets and Liabilities Structure
BANK PASARGAD
The Millennium Bank
Assets Combination as of 20th March, 2011
%2
%1
%1 %1
%4
Liabilities Combination as of 20th March, 2011
%1 % 2 %2 % 2
%1
%3
%9
%6
%15
%5
%61
%84
Cash
Due from Central Bank
Inter-banks Accounts
Participation Certificates
Credit Facilities Granted
Accounts Receivable
Investments
Fixed Assets
Intangible Assets
Other Assets
Call Deposits
Term Deposits
Other Deposits
Saving Deposits
Other Liabilities and Accruals
Due to Central Bank
Interest Payable (Depositors)
27
Total Owners’ Equity Growth
BANK PASARGAD
The Millennium Bank
Shareholders’ equity growth has been remarkable.
In March 2006, only a few months since its establishment, Bank Pasargad posted its
shareholders’ equity at over USD 380 millions.
During the next fiscal year (the bank's first full year of activity) shareholders' equity grew
by 22% to more than USD 469 millions.
This trend continued throughout 2007 so that in its second full fiscal year of
activity, ending in March 2008, the results rose by upwards of 63% to over USD 792
millions and in September 2009, by 49% increase reached USD 1,074 millions.
Finally the decision was made by virtue of the agreed minutes at an Extraordinary General
Meeting held in May 2009, to increase the banks paid up capital from 7,000 billion IRR to
36,036 billion IRR (approximately USD 3 billions)within the next three years.
Bank Pasargad increased its paid up capital to 23,100 billion IRR by November 2010.
28
Total Owners’ Equity Growth
BANK PASARGAD
The Millennium Bank
Total Owners’ Equity (Million IRR)
35,000,000
31,499,294
30,000,000
25,000,000
20,000,000
12,653,712
15,000,000
10,129,926
10,000,000
5,000,000
7,096,491
4,337,896
3,539,228
0
2005- 2006
2006- 2007
2007- 2008
2008- 2009
2009- 2010
2010- 2011
29
Credit Facilities Granted
BANK PASARGAD
The Millennium Bank
Index
(Million IRR)
2005-2006
2006-2007
(fiscal year) (fiscal year)
Credit Facilities Granted
1,125,087
Growth %
2007-2008
(fiscal year)
2008-2009
(fiscal year)
2009-2010
(fiscal year)
2010-2011
(fiscal year)
11,274,878
39,767,517
64,016,463
76,044,776
109,593,714
902
253
61
19
44.12
Credit Facilities Granted ( Million IRR)
109,593,714
120,000,000
100,000,000
76,044,776
80,000,000
64,016,463
60,000,000
39,767,517
40,000,000
11,274,878
20,000,000
1,125,087
0
2005- 2006 2006- 2007 2007- 2008 2008- 2009 2009- 2010 2010- 2011
30
Key Performance Measures
BANK PASARGAD
The Millennium Bank
Performance
20th March
2007
19th March
2008
20th March
2009
20th March
2010
20th March
2011
Operating Income
( Million IRR )
2,140,040
6,746,680
12,963,796
19,979,181
24,807,338
Profit before Tax
( Million IRR )
857,368
1,679,670
2,446,123
3,548,255
6,309,426
Total Equity
( Million IRR )
4,337,896
7,096,491
10,129,926
12,653,712
31,499,294
Operating Income (Million IRR)
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Profit before Tax (Million IRR)
2,140,040
Mar-07
6,746,680
Mar-08
Mar-09
12,963,796
19,979,181
24,807,338
Mar-10
Mar-11
857,368
1,679,670
2,446,123
3,502,206
6,309,426
31
Key Performance Measures
BANK PASARGAD
The Millennium Bank
20th March
2007
19th March
2008
20th March
2009
20th March
2010
20th March
2011
IRR 228
IRR 310
IRR 335
IRR 437.9
IRR 262.53
Return on Equity (ROE)
18.41 %
22.91 %
23.15 %
26.65 %
27.66 %
Dividend Per Share (DPS)
IRR 175
IRR 200
IRR 220
IRR 300
IRR 180
Return on Assets (ROA)
3.62 %
2.85 %
2.47 %
2.75 %
4.02 %
Capital Adequacy Ratio
(Million IRR)
28.29 %
18.02 %
15.87 %
16.26 %
23.96%
Performance
Earning Per Share (EPS)
Dividend per Share (DPS)
Mar-07
Mar-08
Mar-09
Mar-07
IRR 175
310
Mar-09
IRR 220
IRR 300
IRR 180
228
Mar-08
IRR 200
Mar-10
Mar-11
Earning per Share (EPS)
335
Mar-10
Mar-11
438
263
32
Key Performance Measures
BANK PASARGAD
The Millennium Bank
Capital Adequacy Ratio ) % (
Return on Equity (%)
30
30
25
25
20
20
15
15
10
10
5
5
0
0
2007- 2008 2008- 2009 2009- 2010 2010- 2011
2007- 2008 2008- 2009 2009- 2010 2010- 2011
33
Financial Ratios:
BANK PASARGAD
The Millennium Bank
The following table presents Bank Pasargad's main financial ratios:
March
2009
March
2010
March
2011
Capital Adequacy
15.87%
16.26%
23.96%
Equity to Assets
10.66%
10.31%
17.57%
6.47
6.26
3.61
Deposits To Equity
8
8.3
4.51
Liquidity
Deposits to Assets
85%
86%
79.31%
Asset Quality
Facilities Reserves to Total Facilities Granted Ratio
2.32%
3.99%
3.79%
Performance Ratios
Return on Assets
3.08%
3.09%
4.02%
Facilities Granted to Total Deposits
81%
75%
80.14%
Facilities Granted to Total Assets
69%
64%
63.56%
Assets Growth
67%
29%
46.15%
Deposits Growth
69%
31%
32.70%
Facilities Growth
62%
21%
44.11%
Total Income Growth
93%
54%
24.17%
Net Profit Growth
44%
44%
79.84%
Per Capita Income
6,547
8,085
8,842
Deposits to Human Capital
34,932
40,137
47,685
Facilities Granted to Human Capital
28,345
30,116
38,213
Indices
Capital Adequacy Ratios
Facilities Granted to Equity
Facilities Composition
Growth
Efficiency Indices (Million IRR)
34
Deposits
BANK PASARGAD
The Millennium Bank
Total deposits stood at 142,153,037 Million IRR as of 20th March, 2011 compared to
105,560,714 Million IRR of the previous year, showing an increase of 31 percent.
Description
20th March 2008
20th March 2009
20th March 2010
20th March 2011
Total
(Million IRR)
48,897,965
80,761,865
105,560,714
139,549,046
Total Deposits Growth
Deposit Structure
(Million IRR)
Type
Call Deposits
(Million IRR)
140,000,000
20th March
2008
20th March
2009
20th March
2010
20th March
2011
120,000,000
4,349,395
3,613,347
4,928,493
9,563,852
80,000,000
Term Deposits
167,845
368,236
921,720
1,639,356
43,028,466
73,664,318
96,751,649
123,515,749
105,560,714
100,000,000
60,000,000
Saving Deposits
139,549,046
80,761,865
48,897,965
40,000,000
20,000,000
0
Other Deposits
1,352,259
3,115,964
2,958,852
4,830,089
2007-2008 2008-2009 2009-2010 2010-2011
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Foreign Exchange Operations
BANK PASARGAD
The Millennium Bank
Foreign Exchange Major Operations
Bank Pasargad was granted license for full foreign exchange operations by CBI on 12th
December 2006.
By fiscal year end 2009, 82 branches of Bank Pasargad's extensive network of branches
participated in providing various foreign currency exchange services and all branches accepted
applications for letters of guarantees and documentary credits.
Considering its short term of activity in foreign exchange operations, Bank Pasargad has
managed to establish correspondent relationships with 250 banks and financial institutions
around the world, out of which, 140 are actively supporting the bank's global business.
This ,in turn, has further facilitated providing superior services to customers as well as
improving the accuracy and quality of operations.
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Foreign Exchange Operations
BANK PASARGAD
The Millennium Bank
 Bank Pasargad's foreign exchange operations include:
Issuing documentary credits
Documentary bills of exchange (Collections)
Advise and negotiation of export documentary credits
Issuance of letter of guarantee in foreign currency
Trade Finance and project financing
Opening and maintenance of individual and corporate accounts in
hard currency.
Handling inward and outward payment orders in foreign currencies.
Collection of bills/cheques in foreign currency.
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Foreign Exchange Operations
BANK PASARGAD
The Millennium Bank
 In 2011, Bank Pasargad experienced tremendous improvement in the following tasks: absorbing hard
currency deposits, foreign exchange, hard currency transfers, import and export documentary credits, IRR
local currency documentary credits, and hard currency guarantees, especially ones regarding commodity
exports.
Summary of the foreign exchange services rendered by Bank Pasargad is depicted in the following table:
(USD 1000)
Description
March 2007
March 2008
March 2009
March 2010
March 2011
Sight L/C
62,094
387,438
628,933
255,505
941,266
Deferred Payment L/C
119,594
240,738
500,817
684,065
1,897,313
Refinance L/C
38,158
311,854
393,760
272,665
964,604
Total Import L/C
219,846
940,030
1,523,510
1,212,235
3,803,183
-
36,985
97,696
86,486
73,771
543
1,695
2,853
1,682
3,169
Guarantees Issued
12,247
26,250
86,712
242,000
282,000
Inward Payment Orders
32,648
77,542
626,737
1,195,609
1,173,059
339
37,094
240,252
831,784
1,994,749
Import Documentary Bills of Exchange
Internal L/C (IRR billion)
Outward Payment Orders
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Foreign Exchange Operations
BANK PASARGAD
The Millennium Bank
Total Import LCs (USD 1000)
4,000,000
3,803,183
3,500,000
3,000,000
2,500,000
1,212,236
2,000,000
1,523,510
1,500,000
1,000,000
940,030
500,000
0
2007- 2008
2008- 2009
2009- 2010
2010- 2011
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Foreign Exchange Operations
BANK PASARGAD
The Millennium Bank
Payment Orders (USD 1000)
Guarantees Issued (USD 1000)
1,994,749
2,000,000
300,000
282,000
1,800,000
242,000
250,000
1,600,000
1,173,059
1,400,000
1,195,609
1,200,000
1,000,000
831,784
800,000
200,000
150,000
626,737
600,000
86,712
100,000
400,000
240,252
200,000
50,000
77,542
37,094
26,250
12,247
0
0
2007-2008 2008-2009 2009-2010 2010-2011
Inward Payment Orders
Outward Payment Orders
2006-2007 2007-2008 2008-2009 2009-2010 2010-2011
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Key Contacts
BANK PASARGAD
The Millennium Bank
International Affairs Director
Foreign Exchange Operations Director
Mr.Mohammad Amir Davoud
Tel: 0098 21 82891575
Fax: 0098 21 88649521
Mr. Sadegh Pourasghari
Tel: 0098 21 82891221
Fax: 0098 21 88649501
E-mail: m.davoud@bankpasargad.com
E-mail: s.pourasghari@bankpasargad
Treasury
Payment Orders
Tel: 0098 21 82891230
Tel: 0098 21 82891231
E-mail: m.azizi@fx.bankpasargad.com
E-mail: n.keshishi@fx.bankpasargad.com
E-mail: g.ahadiat@fx.bankpasargad.com
Correspondent Banking
Guarantees
Tel: 0098 21 82891579
Tel: 0098 21 82891550
E-mail: m.asgharzadeh@fx.bankpasargad.com
E-mail: k.ansari@fx.bankpasargad.com
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