Bank Sepah

Bank Sepah
بانک سپه

Bank Sepah headquarters inTehran
Company type	Government-owned corporation
Industry	Banking,Financial services
Founded	1925(1925)
Founder	Iranian Army Pension Fund
Headquarters	Negin Sepah Building, Nowrouz Street, Africa Highway, Argentina Square, Tehran, Iran, Tehran , Iran
Area served	Worldwide
Key people	Ayatollah Ebrahimi (CEO)
Services	Credit cards,consumer banking,corporate banking,mortgage loans
Revenue	37,153,487IRR(2014)*
Operating income	20,701,827IRR(2014)*
Net income	490,892IRR(2014)*
Total assets	500,319,226IRR(2014)*
Total equity	72,427,585IRR(2014)*
Number of employees	18,277
Subsidiaries	Bank Sepah International plc
Website	banksepah.ir
Footnotes / references * Amounts in IRR million

Bank Sepah(Persian:بانک سپه,Bānke Sepah) is anIranian bank.It was established in 1925 (corresponding to 1304 in theIranian calendar) as the first Iranian bank. Its first branch, inTehran,opened that year. The bank also has branches inFrankfurt,ParisandRomeas well as a subsidiary, Bank Sepah International plc, inLondon.Sepah Bank has recently merged four other Iranian banks and one credit institution: Ansar Bank, Mehr Eghtesad Bank, Hekmat Iranian Bank,Ghavamin Bankand Kosar Credit Institution. Omid Bank app is product of Bank Sepah.

History

Bank Sepah was officially founded on 4 May 1925, with its first branch n Sepah Street inTehran.Initially, an investment of 3,883,950 Iranian Rials was made from the military ranked personnel pension fund and the bank was set to exclusively provide military personnel with financial aids such as loans. With further increase in their domain of services, the headquarters for the bank was moved to a larger building in Homayoon st. Starting on 15 March 1926, with opening of another branch inRasht,Bank Sepah began providing services not only to the military personnel but to the more general public such as businessmen. Sepah migrated to core banking solution.

US, UN sanctions

See also:Sanctions against Iran

Sanctionswere imposed on Bank Sepah by theUnited Stateson 9 January 2007, due to Iran's suspectednuclear weapons program.The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons.and all its branches and subsidiaries inItaly,UK,FranceandGermanywill have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.The official websiteof 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 throughResolution 1747of 29 March 2007 coinciding with the arrest by the Iranian Government of some British army personnel in the Persian Gulf.

In early 2016, following the talks ofP5+1with Iran on theNuclear program of Iran,and the resultantJoint Comprehensive Plan of Action,sanctions against Bank Sepah were lifted.

See also

• Banking and Insurance in Iran

Banks portal

External links

Media related toBank Sepahat Wikimedia Commons