Bank Sepah ( fa, بانک سپه, ''Bānke Sepah''), the first
Iranian bank, was established in 1925 (corresponding to 1304 in the
Iranian Calendar
The Iranian calendars or Iranian chronology ( fa, گاهشماری ایرانی, ) are a succession of calendars invented or used for over two millennia in Iran, also known as Persia. One of the longest chronological records in human history ...
). Its first branch, in
Tehran
Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most popul ...
, opened that year.
The bank also has branches in
Frankfurt
Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...
,
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
and
Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus (legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
as well as a subsidiary, Bank Sepah International plc, in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
. Sepah Bank has recently merged 4 other Iranian banks and 1 Credit
Institution named: ''Ansar Bank, Mehr Eghtesad Bank, Hekmat Iranian Bank,
Ghavamin Bank
Ghavamin Bank (Persian: بانک قوامین), ''Bank Qavâmin'', was an Iranian financial and credit institution established in 2000.
Ghavamin Bank is the first bank in the country with the aim of helping to enhance the living quality and finan ...
and Kosar Credit Institution''.
History
Bank Sepah was officially founded on May 4, 1925, with its first branch in Sepah st. in
Tehran
Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most popul ...
. Initially, an investment of 3,883,950 Iranian Rials was made from the military ranked personnel pension fund and the bank was set to exclusively provide military personnel with financial aids such as loans. With further increase in their domain of services, the headquarters for the bank was moved to a larger building in Homayoon st. Starting on March 15, 1926, with opening of another branch in
Rasht
Rasht ( fa, رشت, Rašt ; glk, Rəšt, script=Latn; also romanized as Resht and Rast, and often spelt ''Recht'' in French and older German manuscripts) is the capital city of Gilan Province, Iran. Also known as the "City of Rain" (, ''Ŝahre B ...
, Bank Sepah began providing services not only to the military personnel but to the more general public such as businessmen.
Sepah migrated to core banking solution.
US, UN sanctions
Sanctions were imposed on Bank Sepah by the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
on January 9, 2007, due to Iran's suspected
nuclear weapons program. The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons.
[http://www.mercurynews.com/mld/mercurynews/news/politics/16420611.htm ] and all its branches and subsidiaries in
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...
,
UK,
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
and
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.
The official website
of Bank Sepah in Iran reacted by mentioning the American resolution "fabricated statements based on purely hypothetical pretext, made out of political inducements" and promised that the bank will "continue with its efficient performance with due observance of internal and international regulations as before."
On the same basis, further sanctions have also been imposed by the United Nations through
Resolution 1747 of 29 March 2007 coinciding with the arrest by the Iranian Government of some British army personnel in the Persian Gulf.
In early 2016, following the talks of
P5+1
P5 may refer to:
In science and technology
* 311P/PANSTARRS, also known as P/2013 P5 (PANSTARRS), an asteroid discovered by the Pan-STARRS telescope on 27 August 2013
* P5 Truss Segment, an element of the International Space Station
* Period ...
with Iran on the
Nuclear program of Iran
The nuclear program of Iran is an ongoing scientific effort by Iran to research nuclear technology that can be used to make nuclear weapons. Iran has several research sites, two uranium mines, a research reactor, and uranium processing facilit ...
, and the resultant
Joint Comprehensive Plan of Action
The Joint Comprehensive Plan of Action (JCPOA; fa, برنامه جامع اقدام مشترک , barnāmeye jāme'e eqdāme moshtarak (, ''BARJAM'')), commonly known as the Iran nuclear deal or Iran deal, is an agreement on the Iranian nuclear ...
, sanctions against Bank Sepah were lifted.
Bank Sepah Coin Museum
Bank Sepah Coin Museum was established in 1963 and features a collection reflecting the periods of Iranian history dating back to over 2,500 years ago. The museum is also of international significance given the multiethnic nature of the Iranian ruling elites over time.
See also
*
Banking and Insurance in Iran
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third o ...
References
External links
Banks of Iran
Banks established in 1925
Iranian entities subject to the U.S. Department of the Treasury sanctions
{{Iran-stub