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 are:
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). As of 2016, total assets of the bank were US$8.93 trillion and net profit was US$943 billion.
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.
As of 2016, the bank’s total assets amounted to US$62 billion (2011) and revenues reached US$6.761 billion (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.
The bank’s total assets were US$10.58 billion (2016) and net profit was US$653.8.02 million (2018).
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. In 2016, total assets of the bank were US$42.476 billion and net profit was US$684 million.
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 17,600 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.
In 2016, total assets of the bank were US$26.69 trillion and net profit was US$1.55 trillion.
Bank Saderat Iran
Established in 1952, Bank Saderat Iran operates a network of approximately 3,000 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 3,600 staff.
In 2013, the bank reported total assets of US$59.1 billion and a net profit of US$407 million.
The Top Government-owned Banks in Iran are:
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.
By the end of 2016, the bank’s reported net assets were US$76.6 billion, with revenues of US$105 billion.
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).
In 2015, the bank reported total assets of US$460 billion and a net profit of US$5.02 billion.
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. Its assets totaled US$6.2 billion (2020) and total revenues amounted to US$81.2 million (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 1,100 staff. It manages a network of 62 branches in the country.
In 2016, the bank posted total assets of US$4.109 trillion and a net profit of US$439 billion.
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 a number of branches in Paris, Rome, and Frankfurt, as well as a London-based subsidiary, Bank Sepah International Plc. It employs around 19,000 individuals.
In 2016, the bank’s total assets amounted to US$23.76 billion and net profit reached US$105.47 million.
Careers in investment banking
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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: