Saman initially started its activities as Credit Institution in September 1999. Subsequently, in August 2002, it received a full banking license and changed its name to Saman Bank. Saman Eqtesad Credit Corporation was established on September 23, 1999 with a share capital of Rials 11 bln (US$ 1.4 mln). It opened its first branch on November 22, 1999 and managed to achieve already in its first year of activity a 5% return on equity. In 2002 Saman was the third private financial institution in post-revolutionary Iran to receive a banking license. In this context, the share capital increased to Rials 220 bln (US$ 26 mln). In March 2007, Saman Bank had a paid-sup share capital of Rials 900 bln (US$ 97 mln). It operates 100 branches including 53 branches in Tehran and 47 branches across Iran. Saman Bank aims at becoming the leading private corporate bank in Iran. This goal shall be achieved by emerging as the corporate customersÕ banker of choice. Accordingly, Saman Bank is putting big efforts towards understanding sector specific needs and concerns and developing tailored banking solutions.