The Europaeisch-Iranische Handeisbank, an Iranian consortium bank based in Hamburg, reported that its net income in 1995 was 24 per cent higher than the previous year at DM 12.4 million ($17.2 million at end of 1995 rates).
The total assets of the bank, whose business is financing Iran’s overseas trade, rose to DM 759 million ($510 million) from DM 683.7 million ($460 million). Shareholders’ equity rose to DM 117 million ($79 million) from DM 103 million ($69 million). However, customer liabilities fell from DM 407 million ($274 million) to DM 340 million ($229 million) The bank, which changed its name from Deutsch-Iranische Handelsbank in 1992, is owned mainly by three Iranian institutions Bank Mellat, Bank of Mines & Industry and Bank Tejarat. German investors own an undisclosed, but small portion of the bank’s shares.
The bank says it has changed its focus in recent years from providing credits and guarantees for German exporters to Iran to opening letters of credit for Iranian exporters. It has also broadened the scope of its activities to cover Iranian trade with other European countries, Asia and Australia and plans to do more business in the former Soviet republics that border Iran.