History of Bank :
As per the Overall Policies of Article 44 of the Constitution (Item 5, Clause B) and by virtue of the Clause “V” of the Act of Amending Articles from Act of the 4th Plan for Economic, social and Cultural Development of the Islamic Rep. of Iran due to executing the mention policies, Tose`e Ta`avon Bank (Cooperative Development Bank) was incorporated with an initial capital of Rls. 5,000 billion.
Also, in line with execution of the Note 1 of Article V of the mentioned Act and in compliance with the provisions of Tose`e Ta`avon Bank’s Articles of Association (Art. 5); all the facilities, assets and human resources of branches and administrations along with a part of Ta`avon Fund’s manpower who had 17 years of service record were transferred to the bank and Tose`e Ta`avon Bank officially started its activities on August 5th, 2009.
Subject of Activity:
As stipulated by the bank’s Articles of Association (Art .7 including thirty-three clauses and one note), the most important activities of the bank can be categorized into three kinds detailed as follows:
a. Monetary and Banking Operations
Opening and keeping kinds of accounts in Rial and foreign currencies, money transfer, performing FX transactions, opening and advising documentary credits, issuing L/Cs and kinds of checks, issuing any kind of guaranties and bonds, accepting agency for issuance of participation bonds, subscribing and all the related operations, granting kinds of credits and facilities, mobilizing financial resources and credits in Rial and foreign currencies, acquiring agency for managed funds and technical and credit aids, opening sight and term accounts with other banks in its own name, granting Qarz-ol-hassanah loans using the allotted 30resources, receiving profit subsidies of the granted facilities, and performing other kinds of banking operations and commercial transactions authorized by the banking laws and regulations.
b. Specialized and Developmental Goals for Cooperative Sector
Application of banking facilities in line with promotion and improvement of the cooperative sector’s portion in the national economy, attraction of Government’s aids to provide financial support and credit line for expansion of communications and information technology in cooperative sector, participation in creation of financial, technical and legal bodies required by the cooperative sector, presenting products and services in the housing and construction sector giving priority to cooperative sector, receiving exgratia contributions from government or other organizations.
c. Participation and Investments
Selling and buying stock, establishing depository funds and accepting deposits, presenting cash management services, presenting business plan services, presenting brokerage services, participation bonds, performing transactions of gold and silver, creating and keeping agency relations with banks and financial and credit institutions, creating and expanding banking network, clearing in customs, participating and contributing in expansion of money and capital markets, participating in establishment of cooperative companies, public joint stock companies and specialized parental companies.