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Iran's Bank Pasargad (TSE: BPAS) is pressing the securities regulator to speed approval of a capital increase to IRR850,830bn from IRR469,483bn, according to a bourse filing.
The move points to Iran's larger private banks moving to bolster capital as inflation erodes the real value of their balance sheets and regulators press lenders to meet adequacy requirements.
The bank had submitted the documents and correspondence needed to obtain a permit for the increase, but the Securities and Exchange Organisation's (SEO) issuer supervision department made its review conditional on further materials that could not be supplied within the set deadline, the filing showed.
The bank said the capital increase remained on its agenda and that it would resolve the points raised and resubmit the required documents. Shareholders would be informed through the Codal disclosure system in due course.
The letter, signed by board member Zabihollah Khazaei and addressed to the head of the regulator's financial and services issuers supervision department, asked the organisation to expedite the permit.
Bank Pasargad, founded in 2005 and listed on the Tehran Stock Exchange since 2011, is one of Iran's largest private commercial banks, offering retail, corporate and investment banking. Its largest shareholder is Pars Aryan Investment Company.
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