The Majlis on Tuesday obliged the Social Security Organization to sell part of its shares in its affiliated lender, Refah Bank, so that the shares don\u2019t exceed the ceiling set by the Central Bank of Iran.\u00a0<\/p>\n\n\n\n
\n\tAs per the decision, the SSO is allowed to own only 33% of the shares \nin Refah Bank and sell the rest, the parliamentary news website ICANA \nreported. <\/p>\n\n\n\n
\n\tMPs gave Refah Bank three years to acquire the qualifications for \nlisting in the bourse to be able to offer the excess shares. <\/p>\n\n\n\n
\n\tExisting rules stipulate that legal and natural entities are allowed to\n own maximum 10% of the shares and owning 10-20% of a bank\u2019s shares is \nsubject to approval by the central bank. Rules do not allow ownership of\n more than 33% of a bank\u2019s shares by one person. <\/p>\n\n\n\n
\n\tSSO is a public body that provides insurance cover to private sector \nworkers plus voluntary coverage to the self-employed in Iran. The SSO \nwas created as Iran\u2019s social insurer by the Social Security Law ratified\n in 1975.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Majlis on Tuesday obliged the Social Security Organization to sell part of its shares in its affiliated lender, Refah Bank, so that the shares don\u2019t exceed the ceiling set by the Central Bank of Iran.\u00a0 As per the decision, the SSO is allowed to own only 33% of the shares in Refah Bank and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[118,1149,474,28,639,178,1181],"yoast_head":"\n