EN Bank

EN Bank, formally known as Eqtesad Novin Bank, is an Iranian banking institution headquartered in Tehran. Its Persian name, بانک اقتصاد نوین, is commonly translated as “Modern Economy Bank.” The bank was established in 2000 as part of the privatization of Iran’s banking system and is described as the country’s first private bank. It was established by the Eghtesad Family and subsequently became associated with the wider EN Group of Companies. The bank’s business spans retail, commercial, corporate, international, and investment banking. Its consumer and business services include savings and current accounts, lending, payment cards, safe-deposit facilities, merchant services, cash-management solutions, financing, foreign-exchange services, foreign-currency accounts, trade finance, money transfers, wire services, and utility-bill payments. It also provides remote banking through internet, telephone, mobile, and SMS channels. Complementary financial activities have included securities trading, insurance-related services, and other investment products. EN Bank developed a nationwide physical and electronic distribution network. Reference material describes operations through hundreds of branches and more than one thousand automated teller machines, supported by a workforce of several thousand employees. The bank has served individuals, merchants, companies, and institutional customers, while also maintaining capabilities connected with international banking and trade finance. Its operations are principally based in Iran, with references also describing activity in other Middle Eastern markets. The institution was listed on the Tehran Stock Exchange and was included among Iran’s leading companies. It was removed from the exchange in late 2015 after becoming fully privatized under the ownership structure associated with the Eghtesad Family. The bank was recognized by Euromoney as Iran’s best bank in 2010, according to the cited reference material. In the investment-management area, the bank was reported in 2015 to have approximately €600 million in assets under management and to have discussed establishing a €25 million mutual fund with German banking institutions; these figures and discussions belong to that period and should not be treated as current. EN Bank became part of a major Iranian banking cybersecurity incident in 2024. The IRLeaks group targeted EN Bank and many other Iranian financial institutions, with reporting indicating that 20 of the country’s 29 banks were affected, including the Central Bank of Iran. The incident was characterized in external reporting as one of the most serious cyberattacks in Iran’s history. Publicly available reference material does not establish the full operational, financial, or customer consequences for EN Bank. Today, EN Bank is best understood as a broad-service Iranian private banking brand with a mix of branch-based, corporate, investment, and digital capabilities. Its market identity is tied to private-sector banking, financial modernization, business services, and participation in Iran’s wider banking and capital-markets ecosystem.

EN Bank was established in 2000 as part of the privatization of Iran’s banking system. The institution was created by the Eghtesad Family and is commonly known by the English name EN Bank or by its formal name, Eqtesad Novin Bank. Its creation made it the first private bank established in Iran in the modern privatization period, distinguishing it from the country’s historically state-dominated banking sector. From its base in Tehran, EN Bank expanded into a broad financial-services institution serving customers throughout Iran. Its activities developed beyond basic deposit-taking and lending to include retail, commercial, corporate, international, and investment banking. The bank’s service portfolio included current and savings accounts, loans, cards, safe-deposit facilities, merchant acquiring and related services, cash management, trade finance, foreign exchange, currency accounts, transfers, and wire services. It also supported utility payments and offered securities, insurance-related, and other complementary financial services. The bank invested in both physical distribution and remote channels. Reference material describes a nationwide network of branches and automated teller machines supported by several thousand employees. Internet, telephone, mobile, and SMS banking enabled EN Bank to serve customers through electronic channels as well as through branches. Its corporate and international activities connected it with business financing, foreign trade, and cross-border financial services in Iran and other Middle Eastern markets. EN Bank became a listed company on the Tehran Stock Exchange and was recognized among Iran’s leading companies. In 2010, Euromoney reportedly named it Iran’s best bank. During 2015, the bank was associated with investment-management activity involving approximately €600 million in assets under management and discussions with German banks concerning a proposed €25 million mutual fund. These figures describe the situation reported at that time rather than a current financial position. A significant ownership transition occurred in late 2015, when EN Bank was removed from the Tehran Stock Exchange after becoming fully privatized. The EN Group of Companies became its largest shareholder, and the group is described as wholly owned by the Eghtesad Family. Other reported shareholders included members of the Eghtesad family, Iran Zinc Mines Development Company, Sakhteman Investment Company of Iran Holding, and mining companies connected with the EN Group. The ownership structure linked the bank to a wider business group while preserving its identity as a private Iranian banking brand. In 2024, EN Bank was one of numerous Iranian banks affected by a cyberattack attributed to IRLeaks. The attack reportedly reached 20 of Iran’s 29 banks, including the Central Bank of Iran, and was characterized in external reporting as an exceptionally serious incident. The available reference material confirms EN Bank’s inclusion among the targets but does not provide a complete account of the bank’s service disruption, data exposure, remediation, or financial impact. EN Bank’s historical development therefore combines banking privatization, nationwide retail and corporate expansion, integration of digital channels, capital-market participation, and a later transition from public listing to private ownership. Its continuing identity is that of a full-service Iranian bank operating across personal, business, investment, international, and electronic financial services.

1. 2024IRLeaks cyberattack

   EN Bank was among 20 Iranian banks reportedly targeted in a cyberattack attributed to IRLeaks.

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2. 2015Removal from the Tehran Stock Exchange

   The bank was removed from the Tehran Stock Exchange after becoming fully privatized under the Eghtesad Family ownership structure.

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3. 2010Euromoney recognition

   Euromoney magazine reportedly selected EN Bank as the best bank in Iran.

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4. 2000Bank established during Iranian banking privatization

   EN Bank was established by the Eghtesad Family as part of the privatization of Iran’s banking system and became known as Iran’s first private bank.

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A private Iranian full-service bank positioned around modern retail, corporate, commercial, investment, international, and digital financial services.

• Retail bankingBanking

  EN Bank provides personal banking services centered on savings and current accounts, consumer lending, payment cards, cash access, safe-deposit facilities, and bill payment. These services are delivered through branches, ATMs, and electronic channels, giving individual customers access to routine payments, deposits, transfers, and account management.

• Corporate and commercial bankingBanking

  The bank serves companies and commercial customers through financing, cash-management, merchant services, account services, and related business banking capabilities. Its corporate offering is connected with working-capital needs, payments, business deposits, and broader financial support for Iranian enterprises.

• International banking and trade financeBanking

  EN Bank’s international services include foreign-exchange activity, foreign-currency accounts, trade finance, fund transfers, and wire services. These capabilities support cross-border commercial transactions and customers engaged in international trade, subject to the regulatory conditions applicable to Iranian financial institutions.

• Digital bankingDigital financial services

  EN Bank offers remote banking through internet, telephone, mobile, and SMS channels. These channels complement the branch network by enabling account access, payments, transfers, and other routine banking functions through electronic devices and telecommunications services.

• Investment and complementary financial servicesInvestment banking

  Beyond deposit and lending products, EN Bank has provided investment-related and complementary financial services, including securities trading and insurance-related services. The bank was also associated with investment-management activity and discussions concerning a mutual-fund initiative during 2015.

• 2024Cybersecurity response to IRLeaks attackOther

  EN Bank was among a large group of Iranian banks targeted in an attack attributed to IRLeaks.

  What changed. The bank became part of the affected Iranian banking network responding to the incident; specific remediation measures are not established by the available material.

  Aftermath. The attack was described as one of the most serious cyber incidents in Iran, but its precise operational and financial effects on EN Bank remain unclear.

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• 2015Transition to full private ownershipStrategy

  EN Bank had been listed on the Tehran Stock Exchange while operating as a private-sector bank within Iran’s evolving banking system.

  What changed. The bank became fully privatized under the Eghtesad Family ownership structure and was subsequently removed from the Tehran Stock Exchange.

  Aftermath. EN Bank continued as a privately owned banking institution associated with the EN Group of Companies. No current ownership or financial figures are provided here.

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• 2024IRLeaks cyberattack on Iranian banksControversy

  EN Bank was identified as one of the Iranian banks targeted in a cyberattack attributed to IRLeaks. The incident reportedly affected 20 of Iran’s 29 banks, including the Central Bank of Iran. Available material does not establish the complete consequences for EN Bank or confirm the extent of any customer-data compromise.

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• 2015EN Bank removed from Tehran Stock Exchange after privatization

  EN Bank was removed from the Tehran Stock Exchange after becoming fully privatized under the ownership structure associated with the Eghtesad Family.

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• 2010EN Bank received Euromoney recognition as Iran’s best bank

  Euromoney magazine recognized EN Bank as the best bank in Iran, according to the cited reference material.

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1. EN Bank