Iran-Venezuela Bi-National Bank

Iran-Venezuela Bi-National Bank (Persian: بانک مشترک ایران و ونزوئلا, Bank Moshtarek-e Iran vâ Vânuzuilâ, Spanish: Banco Binacional Irán-Venezuela) is an international financial institution that was founded in 2010 with an aim to develop commercial ties between Iran and Venezuela.^[1]

Iran Venezuela Bi-National Bank

Company type	JV
Industry	Financial services
Founded	2010; 14 years ago (2010)
Founders	Mahmoud Ahmadinejad and Hugo Chávez^[1]
Headquarters	Tehran , Iran^[2]
Number of locations	1^[2]
Key people	Mohammad Ghazaei Pakdehi (CEO)
Revenue	Rls.623,269,892,975 (2016–17) Rls.715,955,207,800 (2015–16)
Net income	Rls.363,021,917,597 (2016–17) Rls.380,171,634,554 (2015–16)
Total assets	Rls.7,135,105,938,521 (2016–17) Rls.32,365,508,413,721 (2015–16)
Owner	Banco Industrial de Venezuela (50%) Export Development Bank of Iran (50%)
Number of employees	79 (2016–17) 82 (2015–16)
Website	ivbb.ir
Footnotes / references Annual Report Fiscal Year (2016–2017)^[3]

Out of the 40 banks legally licensed to operate in Iran, the Iran-Venezuela Bi-National Bank is one of the only five foreign banks to make that list.^[4]

History

It started as a joint venture between two state-owned banks, Banco Industrial de Venezuela and Export Development Bank of Iran with a starting capital of $200 million offered equally by both parties.^[2]

In September 2013, the United States Department of the Treasury imposed sanction on the bank.^[5] In 2015, an official in the Central Bank of the Islamic Republic of Iran told press that "[the] bank is not given much freedom" and it is being managed one-sidedly by Iran, because the Venezuelan side does not participate in the general assemblies.^[6] By 2016, the Iranian side was willing to sell its share.^[7] In 2018, the US reimposed sanctions on the bank.^[8]

In July 2020, Iran officials announced the Iran-Venezuela Bi-National Bank would enter the Tehran Stock Exchange by March 2021 (17% to be floated on the stock market).^[9]

References

•  Banks portal

1. Bailey, Norman A. (February 2012). "Iran's Venezuelan Gateway" (PDF). Iran Strategy Brief (5).
2. "5 Foreign Banks Licensed by Iran". Financial Tribune. 2017-06-06. Retrieved 2018-08-11.
3. "Annual Report Fiscal Year (2016-2017)" (PDF). Iran Venezuela Bi-National Bank.
4. "5 Foreign Banks Licensed by Iran". Financial Tribune. 2017-06-06. Retrieved 2021-05-25.
5. Gardner, Timothy. "U.S. blacklists firms for evading Iran oil sale sanctions". U.S. Retrieved 2018-08-11.
6. "Joint Iran-Venezuela bank not much of a bank: Iran". Trend.Az. 2015-08-25. Retrieved 2018-08-11.
7. "Iran to Sell Shares in Joint Bank With Venezuela". Financial Tribune. 2016-11-08. Retrieved 2018-08-11.
8. White; Burke, Case LLP-Richard; Erb, Nicole; DeLelle, Claire A.; Zissis, Kristina; Brayton-Lewis, Cristina; S; Jorgensen, ra; Spicer, Margaret. "United States Fully Re-imposes Iran Sanctions and Expands Designations | Lexology". www.lexology.com. Retrieved 2021-05-25.
9. "Iran Venezuela Bi-National Bank to be listed on stock exchange". Tehran Times. 2020-07-11. Retrieved 2021-05-25.