This bank started its activities as Credit Institution in September 1999. Subsequently, in August 2002, it received a full banking license and changed its name to Saman Bank. Saman Eqtesad Credit Corporation was established on September 23, 1999 with a share capital of 11 bln Iranian Rials (US$1.4m).
It opened its first branch on November 22, 1999. In 2002, Saman was the third private financial institution in post-revolutionary Iran to receive a banking license. In this context, the share capital increased to Rials 220 bln (US$26 mln).
In March 2007, Saman Bank had a paid-sup share capital of Rials 900 bln (US$97 mln). It operated 149 branches across Iran.[2]
As of May 2018, the bank had 174 branches in Iran (81 branches in Tehran and 68 branches in other cities).[3]
Saman Bank also launched the first internet banking service in Iran, and has since been at the forefront of expansion and enhancement of electronic banking.[4]
In addition to Saman Bank, the Saman Financial Group includes a further eight subsidiary companies that it has launched or acquired a substantial stake in during 2003–2012.
