In Iran, despite many attention that has paid to the managers’ competency in general, researchers have not taken this issue into their consideration from corporate perspective, specially in banking sphere. This research aims at adopting an integrated approach in order to design a competency model for HR managers in Iranian banking industry. First, we reviewed the literature on human resource competencies in order to form the research framework. Then, we conducted a semi-structured interview with 14 senior HR managers of the banking system, in order to identify the competency components. The data were analyzed through theme analysis technique using the QRS NVIVO software. For accreditation of the results we conducted an interview in the form of a focus group with the presence of 6 human resource specialists in the banking industry and human resource professors in the field of human resources. Finally, in order to validate and prioritize the competency components, a questionnaire was distributed among 32 higher ranking HR managers of the banking system. The result indicates that the dimensions for HR managers’ development in a competency-based banking system are: individual, interpersonal, professional and managerial.