Bank Saderat Iran: Difference between revisions

Bank Saderat Iran
	Sepehr Tower, location of the bank's head office, in 2019
Company type	State-Owned
Industry	Banking, Financial services
Founded	1952, Tehran
Founder	Mohammad Ali Mofarrah
Headquarters	Bank Saderat Tower, ; 43 Somayeh Avenue, ; Tehran, Iran
Area served	Worldwide
Key people	Mohsen Seyfi; (CEO)
Services	Credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking, wealth management
Revenue	US$3,304 million (2013)
Net income	US$407 million (2013)
Total assets	US$105 billion (2021)
Total equity	US$6,017 million (2013)
Number of employees	24,369 (2021)
Subsidiaries	Bank Saderat PLC (London), Bank Saderat Tashkent.
Website	www.bsi.ir/en/Pages/HomePage.aspx

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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.

History[edit]

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.

Bank Saderat is used by the Government of Iran to transfer money to what the U.S. has stated are designated terrorist organizations, including Hezbollah, Hamas, the Popular Front for the Liberation of Palestine-General Command and Palestinian Islamic Jihad, according to the U.S. Department of the Treasury.^[4]^[5]

Under the Iranian Transactions Regulations (31 CFR Part 560) in 2008, 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.^[6]

Bank Saderat Iran currently conducts banking in the UAE, handling Iranian trade in and out of Dubai. 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.^[7] As of 2016, the EU asset freeze was still in effect.^[8]

In 2019 an EU court rejected BSI's appeal for £78.7m in damages the bank claimed to have suffered after the EU placed it on their sanctions list.^[9]

Location of branches[edit]

United 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)
Italy (Venice)
Pakistan (Karachi)
Oman (Muscat)
Turkmenistan (Ashkhabad)
United Kingdom (London)
Uzbekistan (Tashkent)

References[edit]

^ ^a ^b ^c ^d "Annual Report 2013". Bank Saderat Iran. Retrieved 20 March 2013.
^ "Annual Report 2021". Bank Saderat Iran. Archived from the original on 2 August 2021. Retrieved 20 March 2021.
^ "بانک صادرات ایران - تاریخچه". Archived from the original on 18 September 2018. Retrieved 13 December 2016.
^ "Fact Sheet: Designation of Iranian Entities and Individuals for Proliferation Activities and Support for Terrorism".
^ "Hezbollah Finances: Funding the Party of God". The Washington Institute.
^ "UPDATE 1-US Treasury tightens banking sanctions on Iran". Reuters. 6 November 2008.
^ "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[edit]

Official website

[results-1] "Annual Report 2013". Bank Saderat Iran. Retrieved 20 March 2013.

[2] "Annual Report 2021". Bank Saderat Iran. Archived from the original on 2 August 2021. Retrieved 20 March 2021.

[3] "بانک صادرات ایران - تاریخچه". Archived from the original on 18 September 2018. Retrieved 13 December 2016.

[4] "Fact Sheet: Designation of Iranian Entities and Individuals for Proliferation Activities and Support for Terrorism".

[5] "Hezbollah Finances: Funding the Party of God". The Washington Institute.

[6] "UPDATE 1-US Treasury tightens banking sanctions on Iran". Reuters. 6 November 2008.

[reuters-20130206-7] "EU court rules for second time against Iran bank sanctions". Reuters. 6 February 2013. Retrieved 16 April 2013.

[8] "European Union and United Kingdom Sanctions Update: March 2016". K&L Gates. 17 March 2016. Retrieved 21 May 2016.

[9] "Iranian bank loses bid for £78.7m in damages from the EU over sanctions error". 6 June 2019.

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@@ Line 1: / Line 1: @@
+{{Short description|Iranian banking and financial services corporation}}
+{{Use dmy dates|date=September 2022}}
 {{Infobox company
-|name              = Bank Saderat Iran
+| name = Bank Saderat Iran
-|logo              = Bank Saderat Iran logo.png
+| logo = Bank Saderat Iran logo.svg
-| image = Sepehr Tower 2019 2.jpg
+| image = Sepehr Tower 2019 1.jpg
+| image_caption = [[Sepehr Tower]], location of the bank's head office, in 2019
-|logo_size         = 150px
+| logo_size =
-|type              = [[Public Company]]
+| type = [[State-Owned]]
-|traded_as         = [[Tehran Stock Exchange|TSE]]: [http://www.tse.ir/en/ShowIns.aspx?ins=28320293733348826 BSDR1]<br />[[International Securities Identification Number|ISIN]]: IRO1BSDR0003
+| traded_as =
-|foundation        = 1952, [[Tehran]]
+| foundation = 1952, [[Tehran]]
-|founder           =Mohammad Ali Mofarrah
+| founder = Mohammad Ali Mofarrah
-|location_city     =
+| location_city =
-|location_country  =
+| location_country =
-|location          = [[Sepehr Tower|Bank Saderat Tower]], <br />43 Somayeh Avenue, <br />Tehran, Iran
+| location = [[Sepehr Tower|Bank Saderat Tower]], <br />43 Somayeh Avenue, <br />Tehran, Iran
-|area_served       = Worldwide
+| area_served = Worldwide
-|key_people        = Hojjatollah Seydi <br>{{small|(CEO)}}
+| key_people = Mohsen Seyfi<br />{{small|(CEO)}}
-|industry          = Banking, [[Financial services]]
+| industry = Banking, [[Financial services]]
-|products          =
+| products =
-|services          = Credit cards, [[retail banking|consumer banking]], [[commercial bank|corporate banking]], [[investment banking]], [[mortgage loan]]s, [[private banking]], [[wealth management]]
+| services = Credit cards, [[retail banking|consumer banking]], [[commercial bank|corporate banking]], [[investment banking]], [[mortgage loan]]s, [[private banking]], [[wealth management]]
-|revenue           = {{increase}} {{USD| 3,304 million|link=yes}} (2013)<ref name=results>{{cite web|url=http://www.bsi.ir/en/Financial%20Report/Annual%20Report%202013/Group%20Consolidated%20%20%20%202013.xls|title=Annual Report 2013|publisher=Bank Saderat Iran|accessdate=20 March 2013}}</ref>
-|profit            = {{increase}} {{USD| 407 million}} (2013)<ref name=results />
+| revenue = {{increase}} {{USD| 3,304 million|link=yes}} (2013)<ref name=results>{{cite web|url=http://www.bsi.ir/en/Financial%20Report/Annual%20Report%202013/Group%20Consolidated%20%20%20%202013.xls|title=Annual Report 2013|publisher=Bank Saderat Iran|accessdate=20 March 2013}}</ref>
-|assets            = {{increase}} {{USD| 59,110 million}} (2013)<ref name=results />
+| profit = {{increase}} {{USD| 407 million}} (2013)<ref name=results />
-|equity            = {{increase}} {{USD| 6,017 million}} (2013)<ref name=results />
+| assets = {{increase}} {{USD| 105 billion}} (2021)<ref name=results />
+| equity = {{increase}} {{USD| 6,017 million}} (2013)<ref name=results />
-|num_employees     = 32,000
+| num_employees = 24,369  (2021) <ref>{{cite web|url=https://codal.ir/Reports/Decision.aspx?LetterSerial=BCSiOqI5Kbsm0IWcUb52lQ%3D%3D&rt=3&let=6&ct=0&ft=-1&sheetId=21|title=Annual Report 2021|publisher=Bank Saderat Iran|accessdate=20 March 2021|archive-date=2 August 2021|archive-url=https://web.archive.org/web/20210802151856/https://codal.ir/Reports/Decision.aspx?LetterSerial=BCSiOqI5Kbsm0IWcUb52lQ%3D%3D&rt=3&let=6&ct=0&ft=-1&sheetId=21|url-status=dead}}</ref>
-|subsid            =  Bank Saderat PLC (London),  Bank Saderat Tashkent.
+| subsid = Bank Saderat PLC (London),  Bank Saderat Tashkent.
-|homepage          = {{URL|www.bsi.ir/}}
+| homepage = {{URL|https://www.bsi.ir/en/Pages/HomePage.aspx}}
-|dissolved         =
+| dissolved =
-|footnotes         =
+| footnotes =
 }}
 [[File:Bankesadaratshz.JPG|thumb|in shiraz]]
+[[File:Mashhad saderat bank tower.png|thumb|Bank Saderat Central Branch in [[Mashhad]].]]
-'''Bank Saderat Iran''' '''(BSI)''' ([[Persian language|Persian]]: بانک صادرات ایران lit. "Export Bank of Iran") is an [[Iran]]ian [[Multinational corporation|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<ref>http://www.bsi.ir/Pages/AboutUs/AboutBank.aspx</ref> and commenced operation on 13 November 1952 with a board of three directors and 20 employees.
+'''Bank Saderat Iran''' '''(BSI)''' ({{lang-fa|بانک صادرات ایران}}, ''Bank Sadârat Iran'', lit. "Export Bank of Iran") is an Iranian [[Multinational corporation|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<ref>{{Cite web |url=http://www.bsi.ir/Pages/AboutUs/AboutBank.aspx |title=بانک صادرات ایران - تاریخچه |access-date=2016-12-13 |archive-url=https://web.archive.org/web/20180918160700/https://www.bsi.ir/Pages/AboutUs/AboutBank.aspx |archive-date=2018-09-18 |url-status=dead }}</ref> 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&nbsp;billion. BSI has 28 international branches and services in 12 countries. BSI has a primary listing on the [[Tehran Stock Exchange]].
+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&nbsp;billion. BSI has 28 international branches and services in 12 countries.
 ==History==
@@ Line 35: / Line 39: @@
 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.
-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]].<ref>http://www.treasury.gov/offices/enforcement/ofac/programs/iran/iran.shtml
+Bank Saderat is used by the [[Government of Iran]] to transfer money to what the U.S. has stated are designated terrorist organizations, including [[Hezbollah]], [[Hamas]], the [[Popular Front for the Liberation of Palestine-General Command]] and [[Palestinian Islamic Jihad]], according to the [[U.S. Department of the Treasury]].<ref>{{cite web | url=https://home.treasury.gov/news/press-releases/hp644 | title=Fact Sheet: Designation of Iranian Entities and Individuals for Proliferation Activities and Support for Terrorism }}</ref><ref>{{cite web |url=http://www.washingtoninstitute.org/policy-analysis/view/hezbollah-finances-funding-the-party-of-god |title = Hezbollah Finances: Funding the Party of God|website=The Washington Institute}}</ref>
-</ref><ref>http://english.al-akhbar.com/node/10553
-</ref><ref>http://www.washingtoninstitute.org/policy-analysis/view/hezbollah-finances-funding-the-party-of-god</ref>
-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 (banking)|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.<ref>{{cite news| url=https://www.reuters.com/article/idINN0640313020081106 | work=Reuters | title=UPDATE 1-US Treasury tightens banking sanctions on Iran | date=2008-11-06}}</ref>
+Under the Iranian Transactions Regulations (31 CFR Part 560) in 2008, U.S. banks may process certain funds transfers involving an Iranian bank, such as transfers for authorized or exempt transactions and "[[U-turn (banking)|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.<ref>{{cite news| url=https://www.reuters.com/article/idINN0640313020081106 | work=Reuters | title=UPDATE 1-US Treasury tightens banking sanctions on Iran | date=2008-11-06}}</ref>
-Bank Saderat Iran currently conducts banking in the [[UAE]], handling Iranian trade in and out of [[Dubai]]. Bank Saderat's profits are the 3rd highest among foreign Banks within UAE. The bank mainly deals in [[project financing]], [[letters of credit]] (LCs) and bank guarantees (demand guarantees), whereas other activities remains less important.
+Bank Saderat Iran currently conducts banking in the [[UAE]], handling Iranian trade in and out of [[Dubai]]. 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.<ref name=reuters-20130206>{{cite news |url=https://www.reuters.com/article/2013/02/06/us-iran-sanctions-eu-idUSBRE91514220130206 |title=EU court rules for second time against Iran bank sanctions |publisher=Reuters |date=6 February 2013 |accessdate=16 April 2013}}</ref> As of 2016, the EU asset freeze was still in effect.<ref>{{cite web |url=http://www.klgates.com/european-union-and-united-kingdom-sanctions-update-march-2016-03-17-2016/ |title=European Union and United Kingdom Sanctions Update: March 2016 |publisher=K&L Gates |date=17 March 2016 |accessdate=21 May 2016}}</ref>
+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.<ref name=reuters-20130206>{{cite news |url=https://www.reuters.com/article/us-iran-sanctions-eu-idUSBRE91514220130206 |title=EU court rules for second time against Iran bank sanctions |publisher=Reuters |date=6 February 2013 |accessdate=16 April 2013}}</ref> As of 2016, the EU asset freeze was still in effect.<ref>{{cite web |url=http://www.klgates.com/european-union-and-united-kingdom-sanctions-update-march-2016-03-17-2016/ |title=European Union and United Kingdom Sanctions Update: March 2016 |publisher=K&L Gates |date=17 March 2016 |accessdate=21 May 2016}}</ref>
-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.<ref>https://www.thenational.ae/world/iranian-bank-loses-bid-for-78-7m-in-damages-from-the-eu-over-sanctions-error-1.871294</ref>
+In 2019 an EU court rejected BSI's appeal for £78.7m in damages the bank claimed to have suffered after the EU placed it on their sanctions list.<ref>{{cite web | url=https://www.thenational.ae/world/iranian-bank-loses-bid-for-78-7m-in-damages-from-the-eu-over-sanctions-error-1.871294 | title=Iranian bank loses bid for £78.7m in damages from the EU over sanctions error | date=6 June 2019 }}</ref>
 ==Location of branches==
+{{unsourced section|date=November 2023}}
-[[File:Mashhad saderat bank tower.png|left|thumb|Bank Saderat Central Branch in [[Mashhad]].]]
 *[[United Arab Emirates]] ([[Abu Dhabi]] - ''3 branches'' and [[Dubai]] - ''6 branches'')
 *[[Lebanon]] ([[Beirut]] - ''4 branches'', [[Sidon]] and [[Baalbek]])
@@ Line 56: / Line 58: @@
 *[[France]] ([[Paris]])
 *[[Germany]] ([[Hamburg]] and [[Frankfurt]])
-*[[Greece]] ([[Athens]])
+*[[Italy]] ([[Venice]])
+*[[Pakistan]] ([[Karachi]])
 *[[Oman]] ([[Muscat, Oman|Muscat]])
 *[[Turkmenistan]] ([[Ashkhabad]])
@@ Line 73: / Line 76: @@
 ==External links==
-* {{official website|http://www.bsi.ir/}}
+* {{official website|https://www.bsi.ir/en/Pages/HomePage.aspx}}
-*http://www.bolurfrushan.com/history.html
 {{Banks of Iran}}
@@ Line 84: / Line 87: @@
 [[Category:Banks established in 1952]]
 [[Category:Companies listed on the Tehran Stock Exchange]]
-[[Category:1952 establishments in Iran]]
+[[Category:Companies in the TSE TEFIX-30]]
+[[Category:Iranian companies established in 1952]]
+[[Category:Iranian entities subject to U.S. Department of the Treasury sanctions]]
+[[Category:companies based in Tehran]]

v t e Banks of Iran
Central Bank of Iran
State-owned	Bank Melli Iran Bank Sepah Post Bank of Iran Bank Maskan Bank of Industry and Mine Export Development Bank of Iran Qarz Al-Hasaneh Mehr Iran Bank Bank Keshavarzi Iran
Non-state-owned	Bank Pasargad Bank Mellat Bank Saderat Iran EN Bank Karafarin Bank Parsian Bank Sina Bank Tejarat Bank Ayandeh Bank Bank Day Ghavamin Bank Iran Zamin Bank Refah Bank Saman Bank Sarmayeh Bank Amin Investment Bank Kardan Investment Bank Mellat Investment Bank Middle East Bank Shahr Bank Tourism Bank
Foreign/overseas	Persia International Bank Future Bank Mir Business Bank Iranian-European Bank Iran-Venezuela Bi-National Bank Islamic Cooperation Investment Bank

Authority control databases
International	VIAF
National	United States

Latest revision as of 04:22, 18 May 2024

History[edit]

Location of branches[edit]

See also[edit]

References[edit]

External links[edit]