Overview of Banks in Iran
The Central Bank of the Islamic Republic of Iran serves as the country’s central monetary authority. Founded in 1960, the Iranian central bank is a government-owned enterprise. It issues banknotes and coinage and supervises credit institutions and banks in Iran.
The other functions of Iran’s central bank include:
- Maintain the value of the national currency
- Maintain the equilibrium in the country’s balance of payments
- Facilitate trade-related transactions
- Improve the growth potential of the country
Recent ratings on Iran’s banking system are unavailable. However, Moody’s is positive that the lifting of nuclear-related trade and financial sanctions on the Islamic republic will be credit-positive for banks in Iran.
For anyone considering a banking career in Iran, this list of top banks in Iran is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top Non-Government-Owned Banks in Iran Include:
Established in 2001, EN Bank, also known as Eghtesad Novin Bank, was the first private bank in Iran. The bank offers retail, corporate, international, and commercial banking solutions to individual customers, small to medium-sized businesses, corporations, and public institutions.
EN Bank also provides savings and current accounts, loans, cards, and safe deposit boxes; merchant, cash management, and financing services; Internet, telephone, mobile, and SMS banking; and foreign exchange, currency accounts, trade finance, funds transfers, and wire services.
Based in Tehran, the bank employs 3,376 full-time staff (2020) and manages 310 branches (2020).
Net income: USD 943 billion (2016)
Total assets: USD 10.35 trillion (2016)
Bank Mellat was founded in 1980. The bank provides commercial banking services in Iran, such as cash transfer between accounts, forex trading services, negotiable banknotes, foreign exchange facilities to finance circulating currency, mid-term finance loans with ECO, and short-term financial loans of ECO.
Bank Mellat also offers refinancing, financing, Murabaha, foreign exchange reserve, letters of guarantee, documentary credits, special payment services, checks, rentable deposit boxes, Musaqa, Muzara’a, futures contracts, access cards, and core banking. It manages a network of 1,774 branches in Iran and five branches in Turkey and South Korea.
Net income: IRR 10.75 trillion (3/2016)
Total assets: IRR 1,787.4 trillion (3/2016)
Based in Tehran, Bank Pasagard was established in 2005. The bank serves different economic sectors, including banking and finance, mining, oil, gas and energy, information technology, and real estate development and construction.
Net income: IRR 27.27 trillion (3/2020)
Total assets: IRR 1,660.2 trillion (3/2020)
Parsian Bank provides banking products and services to individuals and legal entities in Iran and other countries. The bank accepts short and long-term investment deposits. It also provides telephone, Internet, and mobile banking, as well as ATM services. It operates through approximately 294 branches.
With around 4,400 employees, the bank operates out of Tehran City. It was founded in 2001.
Net income: IRR 3.10 trillion (3/2016)
Total assets: IRR 670.6 trillion (3/2016)
Operating as one of the commercial banks in Iran, the Bank of Tejarat provides various deposit and loan products, as well as telephone, Internet, and mobile banking services to individuals and businesses in Iran. Established in 1979, it is headquartered in Tehran, with around 21,400 employees.
The bank operates a network of branch offices in Iran, as well as overseas branches in France, Tajikistan, England, the United Arab Emirates, Germany, and China.
Net income: USD 1.55 trillion (2016)
Total assets: USD 26.69 trillion (2016
Bank Saderat Iran
Established in 1952, Bank Saderat Iran operates a network of 2,714 branches in Iran, as well as 21 branches and three regional offices in other countries. The bank is based out of Tehran and employs around 2,400 staff.
Net income: IRR 9.88 trillion (3/2014)
Total assets: IRR 860.97 trillion (3/2014)
The Top Government-owned Banks in Iran Include:
Headquartered in Tehran, Bank Melli is considered the largest company in terms of income in Iran and was its first national and commercial retail bank. Established in 1927, it is the biggest bank in the Islamic world and in the Middle East, with 3,328 branches and employing close to 40,000 individuals worldwide.
Revenues: USD 105 billion (2016)
Total assets: USD 76.6 billion (2016)
Bank of Maskan is one of the state-owned banks in Iran that supports the construction and housing activities of the government and private sector in Iran. Founded in 1938, the specialized bank is based in Tehran with branch offices in Tehran and Mashhad. It employs around 12,259 staff (2019).
Net Income: USD 5.02 billion (2015)
Total assets: USD 460 billion (2015
Export Development Bank of Iran
The Export Development Bank of Iran was incorporated as one of the policy banks in Iran in 1991. Based in Tehran, the bank is owned by the Iranian Government. It provides financial and other conventional banking services to Iranian exporters and importers. As of March 2016, the bank operated a network of 40 branches in Iran and other countries.
Net Income: USD 81.2 million (3/2020)
Total assets: USD 6.2 billion (3/2020)
Bank of Industry and Mine
The Bank of Industry and Mine operates as one of the development banks in Iran. Established in 1983, the bank is headquartered in Tehran City and employs around 1,151 staff. It manages a network of 62 branches in the country.
Net income: IRR 286 billion (3/2020)
Total assets: IRR 1,309.1 trillion (3/2020)
Founded in 1925, making it one of the older banks in Iran, Bank Sepah provides financial and banking services for economic activities. Based in Tehran, the bank also oversees 1,760 domestic branches and a number of branches in Paris, Rome, and Frankfurt, as well as a London-based subsidiary, Bank Sepah International Plc. With around 21,600 employees, it is headquartered in Tehran.
Net income: IRR 11.75 trillion (3/2021)
Total assets: IRR 2,115.4 trillion (3/2021
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will gain a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Iran. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: