Misys partners with Iran's first private bank

Iran’s first private bank, Bank Eghtesad Novin (EN Bank), has signed a deal with Misys to use its Bankmaster software to support its expanding branch network.

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By  Andrew Picken Published  April 8, 2003

Iran’s first private bank, Bank Eghtesad Novin (EN Bank), has signed a deal with Misys to use its Bankmaster software to support its expanding branch network.

Formerly a credit union, EN Bank received its full banking licence a year ago and currently operates through 20 branches covering the major cities in Iran. The Bank plans to expand its branch network to 100 branches over the next few years and has selected the Misys Bankmaster software for its central operations and Branchpower to support the automation of its growing branch network.

Bankmaster is a suite of banking software applications designed to support the delivery of services through multiple channels, including the Internet and mobile solutions. “This will be important for our future expansion into providing services ‘anytime’ and ‘anywhere’ as well as broadening our activities into the corporate banking market,” said Chairman of EN Bank, Dr. Hossein Abdoh Tabrizi. He added: “with the opening up of the private banking sector, a major changeover is expected in Iran over the next two or three years.”

Dr Abdoh is also a governmental advisor to the Iranian Deputy Minister of Economic and Financial Affairs, Mehdi Karbassian, who gave the green light for private banking in January when he announced the government's decision to privatise all of Iranian banks.

Martin Dolan, General Manager for Misys' Middle East regional operations said that the Mysis software “allows us to meet the complex needs of the current regulatory environment while also being prepared for the rapidly shifting demands of the future.”

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