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2017-11-30 10:25

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1 EUR = 41838 IRR

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Resumption of business after the financial sanctions against Iran

From 2010 until 2016, the bank's assets were frozen and a business ban was in force (Regulation EU 961/2010 of 25.10.2010) in spite of the fact that the European Court of Justice had already annulled the measures against Bank Saderat Iran in February 2013 (Case T 494/10) because the effectiveness of this judgment was blocked by a obviously unsubstantiated appeal (Case C-200/13 P) for years. Even after it was rejected, the EU continued to ignore the judgement and extended the annulled sanction until end of October, 2016.

Since December 2017, after re-joining the European payment systems the Bank has been able to resume its duties.


 

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.