2013-08-15 10:25

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1 EUR = 32967 IRR

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Financial sanctions against Bank Saderat Iran terminiated

For more than six years, the bank's assets were frozen and a business ban was in force (Regulation EU 961/2010 of 25.10.2010).

When the financial sanctions against Iran were generally lifted in January 2016, Bank Saderat was still listed as it was named by the EU as a nuclear company, which - after the Vienna Agreement of 2015 - will be released from the sanction in 2023 only.

More serious than this mistake, however, is that the EU has consistently ignored European law. The European Court of Justice had already annulled the measures against Bank Saderat in February 2013 (Case T 494/10). The effectiveness of this judgment was postponed for years by a manifestly unfounded revision (5th Chamber, Case C-200/13 P). However, even after the revision was rejected, the EU continued to ignore the anulment. Although the IAEA had already confirmed three months earlier that there were no reasons for measures against Iran, the EU renewed it‘s illegal sanction once again, this time limited to 6 months term.

On Saturday, October 22, 2016, this term expired, so that the sanctioning of our bank, which has, according to the highest jurisprudence, been void from the outset, has now ended even in the eyes of the rulers.

Hoping that the EU will not take new measures against us and other neutral parties, we are now returning to active business. We look forward to be available for you with our services.


Bank Saderat Iran - at a glance -

Bank Saderat Iran, based in Tehran, Iran was founded in 1952. As a large Iranian bank we offer universal banking worldwide with approximately 34,000 employees. The share capital amounts to 16 803 billion IRR.

Bank Saderat Iran - Germany -

In Germany, the banking license for business of any kind (except for the investment business pursuant to § 1 para 1 sentence 2 No. 6 KWG) administered by the German Banking Act was granted on 30th August 1961. The branches in Hamburg - established in 1962 - and Frankfurt - since 1979 - with total assets of over one billion Euros, registered in the Local Courts of Hamburg under HRB 9777 and in Frankfurt under HRB 16 521 apply to supervision as one bank according to § 53 para 1 sentence 1 KWG and are among the oldest foreign banks in Germany.

Because of our special affinity with home country Iran and our long experience, we are strategically focused on the management and financing of exports to Iran and the Persian Gulf States and see our core business within this geographical area.  We offer to our customers a full range of services around the handling of letters of credit, e.g. discounting of export proceeds, account keeping, payment services, loans, guarantees and deposit on attractive rates.

The Bank is statutory member of the German Banks Compensation Scheme and since 1979 member of the Deposit Guarantee Fund of the Federal Association of German Banks. Financial statements and management reports shall be published in the electronic Federal Gazette.