Bank Saderat Iran(BSI) (Persian: بانک صادرات ایران, Bank Sadârat Iran, lit. "Export Bank of Iran") is an Iranian multinational banking and financial services company headquartered in Tehran, Iran. It is Iran's largest bank. It was founded in Tehran in 1952 by the prominent Mofarrah and Bolurfrushan (also spelled Bolourforoushan) families, represented in the first board by Mohammad Ali Mofarrah and Mohammad Bolurfrushan[3] and commenced operation on 13 November 1952 with a board of three directors and 20 employees.
Bank Saderat Iran has around 3,500 offices in 12 countries and territories across Europe, the Middle East and Asia, and around 10 million customers. As of 30 June 2013, it had total assets of $59.110 billion. BSI has 28 international branches and services in 12 countries.
On 7 June 1979, after the Iranian Revolution, all Iranian private banks were nationalized, quite to the dismay of the founding families, and became state-owned. In 1980, branches and sub-branches of BSI in the Iranian provinces were turned into independent banks, named Bank Saderat Ostan (province). Today, BSI has 29 owned provincial bank subsidiaries and over 200 affiliated companies, supervised by Ghadir Investment Company. Iranian banks are administered on the basis of a law passed by the Islamic Revolution Council on 25 September 1979, and the provisions of its Articles of Association.
Under the current Iranian Transactions Regulations (31 CFR Part 560), U.S. banks may process certain funds transfers involving an Iranian bank, such as transfers for authorized or exempt transactions and "U-turn" transactions. U-turn transactions allow U.S. banks to process payments involving Iran that begin and end with a non-Iranian foreign bank. Bank Saderat will not be able to participate in any transfers involving U.S. banks, effective from the date that the amendment to the regulations is filed with the U.S. Federal Register. By prohibiting U-turn and all other transactions with Bank Saderat, the bank is denied all direct and indirect access to the U.S. financial system.[7]
Bank Saderat Iran currently conducts banking in the UAE, handling Iranian trade in and out of Dubai. Bank Saderat's profits are the third highest among foreign banks within UAE. The bank mainly deals in project financing, letters of credit and bank guarantees (demand guarantees), whereas other activities remains less important.
In February 2013, the European General Court in Luxembourg ruled to annul sanctions by the European Union (EU) against the bank, stating that the EU "is in breach of the obligation to state reasons and the obligation to disclose to the applicant ... the evidence adduced against it". The EU may appeal the decision.[8] As of 2016, the EU asset freeze was still in effect.[9]
In 2019 an EU court rejected BSI's appeal for £78.7m in damages the bank claims to have suffered after the EU placed it on their sanctions list.[10]
^"Hezbollah Finances: Funding the Party of God | The Washington Institute".
^"UPDATE 1-US Treasury tightens banking sanctions on Iran". Reuters. 2008-11-06.
^"EU court rules for second time against Iran bank sanctions". Reuters. 6 February 2013. Retrieved 16 April 2013.
^"European Union and United Kingdom Sanctions Update: March 2016". K&L Gates. 17 March 2016. Retrieved 21 May 2016.
^"Iranian bank loses bid for £78.7m in damages from the EU over sanctions error". 6 June 2019.
External links
Official website
March 29, 2023
bank, saderat, iran, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, availabl. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as Reflinks documentation reFill documentation and Citation bot documentation September 2022 Learn how and when to remove this template message Bank Saderat Iran BSI Persian بانک صادرات ایران Bank Sadarat Iran lit Export Bank of Iran is an Iranian multinational banking and financial services company headquartered in Tehran Iran It is Iran s largest bank It was founded in Tehran in 1952 by the prominent Mofarrah and Bolurfrushan also spelled Bolourforoushan families represented in the first board by Mohammad Ali Mofarrah and Mohammad Bolurfrushan 3 and commenced operation on 13 November 1952 with a board of three directors and 20 employees Bank Saderat IranTypeState OwnedIndustryBanking Financial servicesFounded1952 TehranFounderMohammad Ali MofarrahHeadquartersBank Saderat Tower 43 Somayeh Avenue Tehran IranArea servedWorldwideKey peopleZia Imani CEO ServicesCredit cards consumer banking corporate banking investment banking mortgage loans private banking wealth managementRevenueUS 3 304 million 2013 1 Net incomeUS 407 million 2013 1 Total assetsUS 59 110 million 2013 1 Total equityUS 6 017 million 2013 1 Number of employees24 369 2021 2 SubsidiariesBank Saderat PLC London Bank Saderat Tashkent Websitewww wbr bsi wbr ir wbr en wbr Pages wbr HomePage wbr aspxin shiraz Bank Saderat Central Branch in Mashhad Bank Saderat Iran has around 3 500 offices in 12 countries and territories across Europe the Middle East and Asia and around 10 million customers As of 30 June 2013 it had total assets of 59 110 billion BSI has 28 international branches and services in 12 countries Contents 1 History 2 Location of branches 3 See also 4 References 5 External linksHistory EditOn 7 June 1979 after the Iranian Revolution all Iranian private banks were nationalized quite to the dismay of the founding families and became state owned In 1980 branches and sub branches of BSI in the Iranian provinces were turned into independent banks named Bank Saderat Ostan province Today BSI has 29 owned provincial bank subsidiaries and over 200 affiliated companies supervised by Ghadir Investment Company Iranian banks are administered on the basis of a law passed by the Islamic Revolution Council on 25 September 1979 and the provisions of its Articles of Association Bank Saderat is used by the Government of Iran to transfer money to what the U S designated terrorist organizations including Hezbollah Hamas the Popular Front for the Liberation of Palestine General Command and Palestinian Islamic Jihad as alleged by U S Department of the Treasury 4 5 6 Under the current Iranian Transactions Regulations 31 CFR Part 560 U S banks may process certain funds transfers involving an Iranian bank such as transfers for authorized or exempt transactions and U turn transactions U turn transactions allow U S banks to process payments involving Iran that begin and end with a non Iranian foreign bank Bank Saderat will not be able to participate in any transfers involving U S banks effective from the date that the amendment to the regulations is filed with the U S Federal Register By prohibiting U turn and all other transactions with Bank Saderat the bank is denied all direct and indirect access to the U S financial system 7 Bank Saderat Iran currently conducts banking in the UAE handling Iranian trade in and out of Dubai Bank Saderat s profits are the third highest among foreign banks within UAE The bank mainly deals in project financing letters of credit and bank guarantees demand guarantees whereas other activities remains less important In February 2013 the European General Court in Luxembourg ruled to annul sanctions by the European Union EU against the bank stating that the EU is in breach of the obligation to state reasons and the obligation to disclose to the applicant the evidence adduced against it The EU may appeal the decision 8 As of 2016 the EU asset freeze was still in effect 9 In 2019 an EU court rejected BSI s appeal for 78 7m in damages the bank claims to have suffered after the EU placed it on their sanctions list 10 Location of branches EditUnited Arab Emirates Abu Dhabi 3 branches and Dubai 6 branches Lebanon Beirut 4 branches Sidon and Baalbek Afghanistan Kabul 2 branches Qatar Doha 2 branches Bahrain Manama France Paris Germany Hamburg and Frankfurt Greece Athens Oman Muscat Turkmenistan Ashkhabad United Kingdom London Uzbekistan Tashkent See also Edit Banks portalBanking in Iran Privatization in Iran Sanctions against Iran 2011 Iranian embezzlement scandalReferences Edit a b c d Annual Report 2013 Bank Saderat Iran Retrieved 20 March 2013 Annual Report 2021 Bank Saderat Iran Retrieved 20 March 2021 بانک صادرات ایران تاریخچه Archived from the original on 2018 09 18 Retrieved 2016 12 13 Fact Sheet Designation of Iranian Entities and Individuals for Proliferation Activities and Support for Terrorism http english al akhbar com node 10553 Hezbollah Finances Funding the Party of God The Washington Institute UPDATE 1 US Treasury tightens banking sanctions on Iran Reuters 2008 11 06 EU court rules for second time against Iran bank sanctions Reuters 6 February 2013 Retrieved 16 April 2013 European Union and United Kingdom Sanctions Update March 2016 K amp L Gates 17 March 2016 Retrieved 21 May 2016 Iranian bank loses bid for 78 7m in damages from the EU over sanctions error 6 June 2019 External links EditOfficial website Retrieved from https en wikipedia org w index php title Bank Saderat Iran amp oldid 1138731693, wikipedia, wiki, book, books, library,
