Bourse

First bank-based ETF launch next week

Financial Tribune – The government is to launch the first exchange-traded fund to offer its remaining shares in banks and financial institutions, as part of a comprehensive plan to downsize and reduce its role in the economy.

According to Alireza Saleh, head of the Iranian Privatization Organization, the first ETF, which comprises government shares in three banks, is to be unveiled next week.

“The remaining government stakes in Bank Mellat, Tejarat Bank and Bank Saderat Iran will be offered via ETF in coming week,” IBENA quoted him as saying.

The government has a 17% stake in Tejarat Bank, 17% in Bank Mellat and 18.32% in BSI. The banks are listed with Tehran Stock Exchange.