9 Iranian banks have paid nearly 5000 billion Tomans in facilities and commitments to their subsidiary IT companies by the end of summer 2023.
According to the IDEA, the Central Bank publishes information on the facilities and major obligations of the banking network at the end of each quarter, based on part 1-1 of paragraph “i” of note 16 of the current year’s budget law. According to the information published by the central bank, by the end of summer, 9 banks have provided a total of nearly 5 thousand billion tomans to their subsidiary ICT companies, of which more than 4400 billion tomans were in the form of facilities.
Among the banks, Pasargad Bank has paid the largest amount to two companies, Fanap and Fanap Telecom, which in total reaches more than 1500 billion Tomans.
4 Effort of facilities
Among the banks that provided the list of their facilities and obligations to the central bank until the end of summer 2023, 9 banks can be found that have provided facilities to their subsidiary information technology companies or have accepted obligations that the number of facilities is more than 4,441 billion Tomans arrive.
Fenap Telecom receives the largest amount of facilities from Pasargad Bank, which is nearly one thousand billion Tomans. These days, Fanap Telecom is implementing the fiber optic development program in the country. This company has received 3 negotiable loans from Pasargad Bank with an interest rate of 23%. According to the information of Central Bank, nearly 3 thousand billion Tomans have been pledged with Pasargad Bank and the longest repayment period of these loans is 8 months.
Fanap has also received 3 loans from Pasargad Bank, the total amount of which is more than 500 billion tomans.
After these two companies and Pasargad Bank, Tose’e Etemad Mobin Company and Sina Bank are located. Tose’e Etemad Mobin is the main shareholder of Iran Telecommunication Company and has received 4 facilities from Sina Bank, the total of which reaches more than 600 billion Tomans. One case of these facilities is related to the accounts between these two organizations and one case has been registered as bank arrears.
Bank Mellat has also provided facilities to its three ICT subsidiaries totaling more than 850 billion tomans, the largest of which is worth more than 500 billion tomans belonging to Behsazan Farda Holding under the title “Payment on Account, Acquisition of Investment, Rejection of Government Debt”. has been registered.
Another interesting item in the table is the presence of Kish cell Pars. This company operates as one of the mobile virtual operators (MVNO) and has received 4 facilities worth more than 130 billion Tomans in total.
Net and gross liabilities
In addition to the facilities, banks have also accepted obligations towards their subsidiary companies, among which five banks have made commitments to their ICT companies. These obligations are classified into two parts, gross and net, which have a gap of about 385 billion tomans. The main difference is for the two Parsian electronic commerce companies (subsidiary of Parsian Bank) and Tondarnoor (subsidiary of Saman Bank).
The most net obligations among these companies are related to the payment of the nation, reaching more than 200 billion tomans. Payment is made by Mellat Bank PSP.
In this table, the name of Kish Sel Pars can be seen again, to which Saman Bank has accepted obligations. Iran Data Processing, owned by Refah Kargaran Bank, and two subsidiaries of Shahr Bank are also present, which are the only companies whose gross and net liabilities are equal.
In total, the banks have accepted more than 546 billion Tomans obligations towards their subsidiary IT companies.
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