Public Relations Department of Bank Eghtesad Novin reported that the ceremony in which managing director of the bank was awarded commendation plaque and memorial statue, representatives from 143 banks of the world along with six banks from Asia, the Middle East, Central and Western Europe, Latin American and Africa were present.

According to the report, Bank Eghtesad Novin was introduced as bank of the year of the Islamic Republic of Iran in 2007 in a ceremony where other big names such as HSBC, Standard Charter, UniCredit Group, and Royal Bank of Scotland were also introduced.

The selection by The Banker is of high importance for financial institutes because in addition to intra-organizational functions, it will have a very positive effect on agency relations as well as financial and banking cooperation among member banks. Other institutes and investors will also consider that selection as specialized and professional endorsement of the bank’s activities and, on the whole, it is very effective for the ranking of banks and guarantees.

Dr. Rasoulof, managing director of Bank Eghtesad Novin, noted that growth and output of assets, output of stockholder’s rights, growth in revenues, and growth in profits as well as outstanding claims are major indexes used to asses a bank by The Banker.

Dr. Rasoulof noted that The Banker assessed banks for a whole fiscal year, part of which coincided with 2006 and another part with 2007.

He emphasized that all statements forwarded by banks should be confirmed by skilled international auditors and the jury consists of a group of major bankers of the world as well as top risk managers.

Dr. Rasoulof further noted that apart from Bank Eghtesad Novin, 142 banks from other countries were among winners of The Banker, adding, "It is difficult to keep this status and we must try to keep it up to the end of (the Iranian year) 1386 (2007-08), so that, we would be able to win again next year and improve our situation."