Bank Sepah

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Bank Sepah
بانک سپه
Government-owned corporation
Industry Banking, Financial services
Founded 1925, Rasht
Founder Iranian Army Pension Fund
Headquarters Negin Sepah Building,
Nowrouz Street, Africa Highway,
Argentina Square,
Tehran, Iran
Area served
Worldwide
Key people
Kamel Taghavi Nejad
(Chairman and Managing Director)
Services Credit cards, consumer banking, corporate banking, mortgage loans
Revenue Increase Rialsymbol.svg 37,153,487 IRR (2014)*[1]
Increase Rialsymbol.svg 20,701,827 IRR (2014)*[1]
Profit Increase Rialsymbol.svg 490,892 IRR (2014)*[1]
Total assets Increase Rialsymbol.svg 500,319,226 IRR (2014)*[1]
Total equity Increase Rialsymbol.svg 72,427,585 IRR (2014)*[1]
Number of employees
18,277
Subsidiaries Bank Sepah International plc
Website www.banksepah.ir
Footnotes / references
* Amounts in IRR million

Bank Sepah (Persian: بانک سپه‎), the first Iranian bank, was established in 1925 (corresponding to 1304 in the Iranian Calendar). Its first branch, in Rasht, opened that year.

The bank also has branches in Frankfurt, Paris and Rome as well as a subsidiary, Bank Sepah International plc, in London.[2] "Sepah" is the poetic Persian rendering for "Army". The Bank was named so because its capital was provided by the Army Pension Fund.

US, UN Sanctions[edit]

Sanctions were imposed on Bank Sepah by the United States on January 9, 2007 due to Iran's suspected nuclear weapons program.[1] The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons. [2] and all its branches and subsidiaries in Italy, UK, France and Germany [3] will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.[4] The official website [5] 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.

The Italian Central Bank on 30 March 2007 followed up on these sanctions by stopping its activities. [6] These sanctions were lifted on 21 December 2008.[7]

Bank Sepah Coin Museum[edit]

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[edit]

References[edit]

  1. ^ a b c d e Bank Sepah Financial Statements, Bank Sepah, 24 March 2014
  2. ^ Financial Services Forecast, Economist Intelligence Unit, August 18, 2008