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Bank Mellat

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Mellat Bank
Company typePublic
TSE: BMLT1
ISIN: IRO1BMLT0007
IndustryBanking
Financial services
Insurance
Founded1980; 44 years ago (1980)
HeadquartersTehran, Iran
Area served
Worldwide
Key people
Mohammad Bigdeli
(CEO)
ProductsConsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,
RevenueUS$6.761 billion (2016)[1]
Total assetsUS$ 62 billion (2011)[2]
Number of employees
19,876 (2019)
SubsidiariesMellat Investment Bank , Persia International Bank
Websiteen.bankmellat.ir
Central building in Taleghani Ave

Bank Mellat (Template:Lang-fa, lit. People's Bank) is a private Iranian bank. Its name means "Bank of the Nation". Bank Mellat was established in 1980, with a paid capital of Rials 33.5 billion as a merger of ten pre-revolution private banks, comprising Tehran, Dariush, Pars, Etebarat Taavoni & Tozie, Iran & Arab, Bein-al-melalie-Iran, Omran, Bimeh Iran, Tejarat Khareji Iran and Farhangian.

Currently, the bank's capital amounts to Rls 13,100 billion and it is one of the largest commercial banks in the Islamic Republic of Iran, ranking among the top 1000 banks of the world.

Bank Mellat's logo is derived from City National Bank of Florida (of CAJA MADRID Group).[citation needed]

The Bank Mellat London branch was merged with the Bank Tejarat branch to form Persia International Bank PLC.

Offices

Mellat Bank has 11 international branches and services in 11 countries:

Sanctions and court actions

The United States Department of the Treasury has mentioned Bank Mellat and Persia International in their watchlist of Iranian banks which may be trading in violation of UN Security Council Resolution 1803.[3]

On 29 January 2013, the European General Court in Luxembourg ruled to annul the European Union sanctions in place since 2010 against Bank Mellat on grounds of supporting the Iranian nuclear and missile programs, stating that the basic rights of the bank had been denied and there was no evidence supporting the claim. Bank Mellat intends to sue for damages.[4][5] On 18 February 2016, the Court of Justice of the European Union concurred with the General Court decision that the reasons given for sanctions were too vague.[6]

A related action in the British courts was taken to the Supreme Court of the United Kingdom in March 2013, causing the court to hold a closed hearing for the first time.[7] In June 2013, the Supreme Court ruled that the UK government's sanctions on the bank had been unlawful.[8] Bank Mellat is claiming damages from the UK government for the loss of business between 2009 and 2013.[9] The damages hearing is scheduled for June 2019. Bank Mellat is seeking damages of $1.7 billion.[10]

References

  1. ^ "Top 100 Iranian Companies". Archived from the original on 2018-06-12. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  2. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-03-09. Retrieved 2012-02-21. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  3. ^ "Iranian Banks". The United States department of the Treasury. Archived from the original on 2008-05-30. {{cite news}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  4. ^ "Iran bank to sue EU after winning sanction list case". Reuters. 30 January 2013. Retrieved 16 April 2013.
  5. ^ Ulrich Unterweger (4 April 2013). "General Court rulings on Iranian Banks threaten to torpedo EU's foreign policy ambitions". European Law Blog. Retrieved 16 April 2013.
  6. ^ "European Union and United Kingdom Sanctions Update: March 2016". K&L Gates. 17 March 2016. Retrieved 21 May 2016.
  7. ^ Maya Lester (21 March 2013). "First ever closed hearing in the UK Supreme Court - Bank Mellat's case". European Sanctions - Law and practice. Retrieved 16 April 2013.
  8. ^ Lester, Maya. "UK Supreme Court quashes Order against Bank Mellat". European Sanctions blog. Retrieved 23 June 2013.
  9. ^ Colin Freeman (18 August 2013). "Iranian bank sues over sanctions". Daily Telegraph. Retrieved 20 August 2013.
  10. ^ Cross, Michael (18 March 2019). "Court of Appeal rejects Iranian bank's secrecy plea". Law Society Gazette. Retrieved 10 April 2019.
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