TEHRAN- Iran’s Finance and Economic Affairs Minister Ali Tayyebnia appointed Mohammadreza Hosseinzadeh as the new managing director of Bank Melli of Iran (BMI), IRNA reported on Sunday.

Hosseinzadeh replaced Abdolnaser Hemmati, who is now assigned as the head of Central Insurance of Iran.

BMI is the first national Iranian bank. The bank was established in 1927 by the order of the Iranian parliament and since then it has consistently been one of the most influential Iranian banks.

HJ/MA