Middle East’s best bank transformation 2017: Ayandeh Bank

Last year’s award for best bank transformation honoured Al Ahli Bank of Kuwait, a bank that showed great ambition by acquiring a financial institution larger than itself – the Egyptian division of Greek bank Piraeus. By so doing it became an international player in Middle Eastern banking.

This year’s award goes to a bank that achieved something altogether different: the successful merger of multiple struggling financial institutions in a single country. The winner is Iran’s Ayandeh Bank, a bank born of the fusion of three financial institutions and 10 credit cooperatives.