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

Bank Sepah
بانک سپه
Government-owned corporation
IndustryBanking, Financial services
Founded1925; 94 years ago (1925)
FounderIranian Army Pension Fund
HeadquartersNegin Sepah Building,
Nowrouz Street, Africa Highway,
Argentina Square,
Tehran, Iran,
Area served
Key people
Mohammadkazem Chaghazardi
(Chairman and Managing Director)
ServicesCredit cards, consumer banking, corporate banking, mortgage loans
RevenueIncrease Rialsymbol.svg 37,153,487 IRR (2014)*[1]
Increase Rialsymbol.svg 20,701,827 IRR (2014)*[1]
Increase Rialsymbol.svg 490,892 IRR (2014)*[1]
Total assetsIncrease Rialsymbol.svg 500,319,226 IRR (2014)*[1]
Total equityIncrease Rialsymbol.svg 72,427,585 IRR (2014)*[1]
Number of employees
SubsidiariesBank Sepah International plc
Footnotes / references
* Amounts in IRR million

US, UN sanctionsEdit

Sanctions were imposed on Bank Sepah by the United States on January 9, 2007 due to Iran's suspected nuclear weapons program.[3] The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons.[4] and all its branches and subsidiaries in Italy, UK, France and Germany[5] will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.[4] The official website[6] 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.

In early 2016, following the talks of P5+1 with Iran on the Nuclear program of Iran, and the resultant Joint Comprehensive Plan of Action, sanctions against Bank Sepah were lifted.

Bank Sepah Coin MuseumEdit

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 alsoEdit


  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
  3. ^ "BBC NEWS - World - Middle East - US blacklists Iranian state bank".
  4. ^ a b
  5. ^ "Archived copy". Archived from the original on 2006-10-21. Retrieved 2007-01-10.CS1 maint: archived copy as title (link)
  6. ^