Headquartered in Tehran, Saman Bank is one of Iran’s six leading privately-owned banks. It serves a diverse client-base of private retail customers, high net worth individuals and businesses via its 123-branch network across the country. 

Even in an increasingly competitive and regulated environment, Saman’s focused approach to becoming first choice for its target customers is successfully driving growth in market share and business volume. It held a 9.5% market share among Iran’s six leading privately-owned banks in 2010/11 (up from 8.6% in 2009/10) and a 2.16% share of the country’s entire banking industry, up from 1.92% in 2009/10. In 2010/11, Saman’s share capital stood at IRR 3,000 billion (US$289.46 million), up from IRR 1,800 billion (US$183.04 million) in 2009/10.

Net profit, meanwhile, was up by 72%, driven by a 76% increase in total loans and a 38% growth in deposits. Its leading trade and import experience makes it an international top-performer, with US$3 billion in foreign business equating to 25% of the total international banking volume of Iran’s six leading privately-owned banks.

Such a performance enabled an exceptional return on equity of 34.96% and a dividend per share of IRR 383 in 2010/11.

Looking ahead, the bank intends to expand its current areas of specialism, which include trade and project finance expertise for industries including construction, mining and automotive, to further embrace areas such as food, medicine and pharmaceuticals. It will also introduce greater scope and quality of services through its growing branch network, supported by its five-year strategic focus on delivering exceptional customer service.

Employees:                                                     1,618

Total customers:                                             863,504

Debit cards in issue:                                        847,585

Internet banking customers:                           215,670

Telephone banking customers:                      209,694

Branches:                                                        155

ATMs:                                                             519

POS terminals:                                               65,064

 

The Saman story dates back to September 1999, when it was launched as the Islamic Republic of Iran’s first credit institution, under the name of Saman Eghtesad, with a share capital of IRR 11 billion (US$1.4 million). Its success was immediate, with a 5% return on equity in its first year.

Less than three years later, in August 2002, Saman had collected sufficient capital to be recognised by the Central Bank of Iran, becoming the nation’s third privately-owned financial institution to receive its banking licence. With around 20 times the original share capital, the newly formed Saman Bank had a clear goal – to provide private individuals and businesses with a range of banking services unhindered by red tape and bureaucracy. This has been Saman’s driving objective ever since.

Over the years Saman Bank has steadily increased and upgraded the scope and quality of its offer, while pioneering solutions such as Iran’s first Internet and electronic banking services. Saman Bank’s determination throughout its lifetime to revolutionise the traditional Iranian banking system has seen it achieve many firsts, including:

It is an approach that has provided a strong platform for growth, and today Saman is poised to extend its existing 123-branch network throughout Iran. It also has 86 correspondent banks across 36 countries.

Looking ahead, Saman’s future direction is clear – to build on its values of convenience, speed and trust to create outstanding customer relationships in all its areas of operation.

 

Saman Bank uses a number of channels to generate its revenues and profit. First and foremost are the charges it makes for lending capital to its business and personal customers, primarily within its trade and project finance framework.

It also charges transaction fees across a range of services, including interbank electronic funds transfer, credit card issue and transactions, credit scoring, guarantees and card purchases at point of sale. In addition, Saman Bank charges commission on its international banking services, including foreign exchange, letters of credit and international payments. 

In these aspects, Saman is similar to countless other banks across the world. However, Saman seeks to outperform its rivals through the excellent service levels that encourage customers to use more services and recommend them to others. Its ability to do this depends on a broad range of professional strengths, including those of its credit and international banking teams.

But what really sets Saman apart is its attitude, based on enthusiastic staff working throughout an attractive branch network in genuine partnership with their clients. This attitude extends throughout the entire bank hierarchy to demonstrate the depth of Saman’s customer commitment and care. And it is the focus of a new five-year strategy that will strengthen the bank and its customer relationships even further.

Saman Bank’s vision and mission underpin everything we do and drive our new five-year customer-focused strategy. 

By applying its five-year customer-focused strategy, Saman Bank’s vision is to become:

·         The first choice Iranian bank for its target customers

·         The first choice correspondent banking partner for overseas banks

·         The first choice employer for the best and brightest banking professionals

 

Saman aims to fulfil this vision by engendering outstanding levels of loyalty and advocacy. This will be achieved by providing the quality, convenience and speed that every customer wants; thereby delivering added value and generating trust.

This vision and mission will help Saman pursue its declared five-year business objectives of:

·         Building Saman’s customer acquisition and retention performance through a range of initiatives that inspire market-leading recommendation and loyalty levels

·         Lowering costs by increasing the bank’s operational efficiency through process improvements

·         Expanding and improving Saman’s investment and international banking capabilities

·         Mitigating exposure to risk through enhanced corporate governance and operational management

·         Maintaining and building Saman’s lead in delivering electronic banking services