 In 1977, Mohammad Ali Bagherzadeh transferred his shares in the group to his children Ali and Goli.Following the 1979 Revolution, the new incoming government nationalized the group and all its subsidiaries and affiliates, and placed its ownership with the Ministry of Housing, where it remains today.Ekbatan Bank was nationalized at the same time, subsumed into the new state bank created to be the successor to Iran's privately held banks.