Modern Middle East Bank shows there is no escape from sanctions list

“What I’m trying to do,” says Parviz Aghili, “is to set up a bank that is accustomed with what is going on around the world.”

Further reading

• Iran’s pivotal moment
• Ayandeh’s DIY mega-merger sets template for Iranian bank consolidation
• The long business arm of the Iranian state

That institution is Middle East Bank, the newest in Iran and, until very recently, one not on any sanction list. Aghili’s role models are international rather than Iranian. “I’ve set up proper corporate governance here, risk management, corporate compliance. And I’ve mostly hired youngsters who have had no background in state-owned banks. The average age here is 27 and we’re bringing them up in the way things are done in banking outside of Iran.”