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Bank Sepah
Bank Sepah (Persian: بانک سپه, Bānke Sepah) is an Iranian bank. It was established in 1925 as the first Iranian bank. 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 Bank has recently merged four other Iranian banks and one credit institution: Ansar Bank, Mehr Eghtesad Bank, Hekmat Iranian Bank, Ghavamin Bank and Kosar Credit Institution.[citation needed] The Omid Bank app is product of Bank Sepah.[3][4] HistoryBank Sepah was officially founded on 4 May 1925, with its first branch in Sepah Street in Tehran. 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 in Rasht, Bank Sepah began providing services not only to the military personnel but to the more general public such as businessmen.[5] Sepah migrated to core banking solution.[6][7] US, UN sanctionsSanctions were imposed on Bank Sepah by the United States on 9 January 2007, due to Iran's suspected nuclear weapons program.[8] The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons.[9] and all its branches and subsidiaries in Italy, UK, France and Germany[10] will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.[9] The official website[11] 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. See alsoReferences
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