The list of banks in Iran includes Central Bank of Iran, Bank of Iran Sole, and Bank Melli Iran, among others. Iran has a well-established banking sector with a wide range of financial institutions, including commercial banks, investment banks, and specialized banks.
The Central Bank of Iran, as the country’s apex bank, is responsible for regulating and supervising the banking industry. Some of the largest commercial banks in Iran include Bank Melli Iran, Bank Pasargad, Bank Sepah, and Bank Mellat. In recent years, Iran has experienced a surge in banking activity, owing to the lifting of economic sanctions and the country’s re-entry into the international financial system.
As such, many international banks have opened correspondent banking relationships with Iranian banks, enabling them to facilitate transactions with counterparties around the world.
Central Bank Of Iran
The Central Bank of Iran is one of the major banks in Iran. Other popular banks include Bank of Iran Sole and Bank Melli Iran. There are several foreign banks operating in Iran as well, such as the Iranian-European Bank and Islamic Cooperation Investment Bank.
The Central Bank of Iran, also known as the CBI, is the largest bank in Iran and is responsible for regulating and supervising the country’s banking system. The CBI was established in 1960 and has been playing a crucial role in the country’s economy ever since. In this section, we will look at the role, functions, and structure of the Central Bank of Iran.
Role Of The Central Bank Of Iran
The main role of the Central Bank of Iran is to act as the country’s monetary authority. This means that the CBI is responsible for regulating the supply and demand of money, controlling inflation, and maintaining the stability of the national currency, the Iranian Rial. The CBI is also involved in formulating and implementing banking and monetary policies in the country.
Functions And Responsibilities
Some of the key functions and responsibilities of the CBI are:
- Managing the country’s foreign exchange reserves
- Issuing and regulating the country’s currency
- Supervising and regulating the activities of banks and other financial institutions in the country
- Acting as a lender of last resort to banks and other financial institutions
- Implementing and executing monetary policies in the country
- Conducting research on economic and financial issues and providing analysis and advice to the government and other stakeholders
Structure
The Central Bank of Iran is headed by a governor who is appointed by the President of Iran and approved by the parliament. The governor is assisted by a board of directors, which is responsible for formulating and implementing the bank’s policies and strategies. The CBI has several departments, including the banking supervision and regulation department, international affairs department, research and analysis department, and the payment systems department. In conclusion, the Central Bank of Iran plays a crucial role in the country’s economy by regulating and supervising the banking system, controlling inflation, and maintaining the stability of the national currency. Its functions and responsibilities include managing foreign exchange reserves, formulating monetary policies, and regulating financial institutions. The CBI’s structure includes a governor, board of directors, and several departments responsible for policy formulation and implementation.
List Of State Banks
Iran has several prominent state banks, including Bank Melli Iran, Bank Sepah, Bank Mellat, Tejarat Bank, and Bank Maskan. These banks offer a range of financial services, including personal and commercial banking, Islamic finance options, and international money transfers.
Bank Melli Iran
Bank Melli Iran, also known as the National Bank of Iran, is one of the largest state banks in Iran. It was founded in 1927 and has since been offering banking and financial services to individuals and businesses alike.
Bank Sepah
Bank Sepah is another major state-owned bank in Iran. Established in 1925, it provides a wide range of banking services such as deposits, loans, and foreign exchange transactions to its customers.
Bank Keshavarzi Iran
Bank Keshavarzi Iran, also known as the Agriculture Bank of Iran, was established in 1933 to provide banking services to farmers and people engaged in agriculture-related businesses. However, it now offers a broad range of services to various sectors.
Bank Maskan
Bank Maskan, also known as the Housing Bank of Iran, was founded in 1979 to provide housing-related financial services to Iranian citizens.
Bank Maskan is government-owned and is the second-largest bank in the country.
Post Bank Of Iran
Post Bank of Iran was established in 2005 with the aim of providing banking services to remote areas in Iran through the post offices. The bank offers savings accounts, loans, and other banking services, and has over 2,500 branches throughout the country.
Other State Banks
Apart from the aforementioned banks, Iran has several other state-owned banks such as Bank Mellat, Tejarat Bank, and Mehr Iran Bank. These banks provide various services to their clients, including loans, deposits, foreign exchange transactions, and other financial services.
List Of Private Banks
Iran has several private banks operating in the country, including Bank Melli Iran, Bank Pasargad, Bank Sepah, Bank Mellat, Tejarat Bank, and Bank Maskan. In addition to these, there are also several international banks operating in Iran, including the Iranian-European Bank, the Iran-Venezuela Bi-National Bank, and the Islamic Cooperation Investment Bank.
The Central Bank of Iran is the main regulatory body overseeing the banking sector in the country.
When it comes to doing business in Iran, whether you’re opening a branch office or just looking for bank accounts, you need to understand the local banking system. In Iran, there are numerous banks, and they are divided into two: public and private. Public banks are owned by the government, while private banks are owned by individuals or businesses. In this post, we will be focusing on the List of Private Banks in Iran.
Bank Pasargad
Bank Pasargad is one of the largest private banks in Iran, founded in 2005. It offers various banking services, including retail banking, commercial banking, and investment banking. The bank has over 4,000 employees, and it is headquartered in Tehran. Bank Pasargad operates in more than 30 countries, making it one of the most international banks in Iran, with a strong presence in the Middle East, Europe, and Asia.
Saman Bank
Saman Bank was established in 1998 and is headquartered in Tehran. The bank offers a wide range of services, including personal and commercial banking, investment banking, and e-banking. Saman Bank has more than 100 branches across the country, making it one of the largest private banks in Iran.
En Bank
EN Bank is a private bank in Iran that was founded in 2001. It provides banking services including retail, commercial, and investment banking. Currently, the bank has over 390 branches in Iran and is headquartered in Tehran.
Parsian Bank
With over 16,000 employees and operations in several countries, Parsian Bank is one of the largest private banks in Iran. The bank offers various banking services such as retail banking, commercial banking, and investment banking. Parsian Bank has been awarded numerous awards in the Iranian banking industry for its excellent performance.
Sina Bank
Sina Bank is a private bank that was founded in Iran in 1985. It offers services such as retail banking, corporate banking, and investment banking. The bank has over 340 branches in Iran and is headquartered in Tehran. It also has a presence in other countries, including Bahrain and Iraq.
Other Private Banks
Apart from the aforementioned banks, there are other notable private banks in Iran, such as Bank Mellat, Bank Tejarat, and Bank Melli Iran. These banks provide banking services to various businesses and individuals in Iran and have a significant impact on the country’s banking sector. Overall, the private banking sector in Iran is growing and expanding, providing both local and international businesses and individuals with various services. If you’re planning to enter the Iranian market, having a good understanding of the local banking system is essential to ensure smooth business operations.
International Banks In Iran
Iran is home to various banks, including international ones such as the Iran-Venezuela Bi-National Bank, the Iranian-European Bank, and the Islamic Cooperation Investment Bank. The largest domestic bank is Bank Melli Iran, with other significant banks like Bank Pasargad, Bank Sepah, Bank Mellat, Tejarat Bank, and Bank Maskan also serving the country.
International Banks in Iran Iran has had a challenging relationship with the international economic community due to various sanctions imposed by countries like the United States. However, there are some international banks that have managed to set up operations in Iran and provide their services.
Here are the details of some international banks operating in Iran.
Standard Chartered Bank
Standard Chartered Bank is a multinational bank, headquartered in London, with operations in more than 60 countries across Asia, Africa, and the Middle East. The bank has been operational in Iran since 1969 and offers a range of products and services, including corporate banking and trade finance.
Citibank
Citibank is an American multinational bank with a history of providing banking services globally. Citibank has been operating in Iran since 1966 and has a branch in Tehran. The bank provides services such as corporate finance, treasury, and trade finance.
Deutsche Bank
Deutsche Bank is a German multinational investment bank, founded in 1870 and headquartered in Frankfurt. The bank has a branch in Tehran and provides financial products and services to a range of clients globally, including corporations, institutional investors, governments, and individuals. Other International Banks Apart from Standard Chartered Bank, Citibank, and Deutsche Bank, there are a few other international banks that operate in Iran. Some of these include the Iranian-European Bank, Iran-Venezuela Bi-National Bank, and the Islamic Cooperation Investment Bank. In conclusion, despite the challenges facing Iran’s banking sector, there are still some international banks that provide services to customers. The banks mentioned above continue to operate in Iran and offer financial services such as corporate banking, trade finance, and corporate finance.
Conclusion
To sum up, knowing the list of banks in Iran is essential for anyone residing, working, or traveling to this country. The banking industry in Iran is highly regulated and dominated by state-owned banks, hence, having knowledge about the different types of banks can aid in making informed choices.
Whether it’s Bank Melli Iran or Bank Pasargad, the diverse options cater to the financial needs of all individuals. Therefore, familiarizing oneself with the available banks in Iran can make banking transactions a hassle-free process.