Iranian Investment Bank Amin Plans Mergers and Acquisitions Unit
September, 30th 2014
Iran’s Amin Investment Bank, which was targeted by U.S. sanctions, is starting to provide mergers and acquisitions services to address demand for takeover advice.
The bank hired Canadian-trained investment banker Mohammad Nikjoo to run the unit, Ali Sangainian, chief executive officer of Amin, said in an interview at his office in Tehran. International companies in the pharmaceutical, auto and construction industries have expressed interest in investing in the country, Sangainian said, declining to give names.
Foreign investment in Iran is restricted by western sanctions designed to dissuade the country from a nuclear program the U.S. and its allies say may lead to atomic-weapons technology. Iran says the nuclear plans are peaceful and negotiations are currently under way with six global powers to limit the program in return for lifting sanctions.
“Many companies in the market are now saying that they need a good M&A service and until now we’ve never had the specialists in Iran to carry out the work,” Sangainian said.
The M&A unit was set up four months ago and has earned fees of $2 million so far, Sangainian said.