Bank of Industry and Mine

Bank of Industry and Mine, known in Persian as Bank-e San'at va Ma'dan, is an Iranian government-owned specialized bank headquartered in Tehran. Its institutional purpose is to support economic growth through the development of Iran's industrial and mining sectors. Unlike a general retail bank whose principal public identity is built around household deposits, consumer services, and branch banking, the Bank of Industry and Mine is associated with development finance for productive activity, particularly projects connected with industry, manufacturing, mining, and related infrastructure. The bank occupies a policy-oriented position within Iran's financial system. Its role is linked to the country's wider industrialization and economic-development objectives, making it a channel through which financing can be directed toward sectors considered strategically important to national production. Public descriptions identify industry and mining development as its central areas of activity. The available reference material does not establish a complete list of lending products, balance-sheet figures, branch locations, founding date, or current executive leadership, so those details are not supplied here. The bank's international financial context has been shaped by Iran's sanctions environment. In 2017, a Chinese state-owned investment firm arranged a reported US$10 billion credit line for five Iranian banks, including the Bank of Industry and Mine, to support projects in Iran. The cited reporting does not allocate a specific portion of that facility to this bank, and no bank-specific drawdown or financial outcome is asserted here. The institution and its subsidiaries have also been reported as maintaining financial dealings with Danish and German banks despite the restrictions and compliance challenges associated with US sanctions. The bank's profile also reflects the operational risks affecting Iran's banking sector. In 2024, an intrusion attributed in reporting to the group IRLeaks affected 20 of Iran's 29 banks, including the Bank of Industry and Mine and the Central Bank of Iran. Politico described the incident as the worst attack in the history of Iran's banking sector. The available material identifies the bank as an affected institution but does not provide enough detail to determine the precise systems disrupted, the duration of the incident, losses, or the bank's remedial measures. Overall, Bank of Industry and Mine is best understood as a state-owned Iranian development-finance institution with a sectoral mandate rather than as a globally marketed commercial banking brand. Its public significance derives from its connection to industrial and mineral development, its participation in cross-border financing arrangements under sanctions pressure, and its exposure to the cybersecurity risks facing Iran's financial infrastructure.

Bank of Industry and Mine is an Iranian government-owned specialized bank based in Tehran. Its Persian name, Bank-e San'at va Ma'dan, identifies its institutional association with industry and mining. Public descriptions characterize the bank as an instrument for promoting economic growth through the development of these sectors. The bank's historical and operational identity is therefore closely connected with Iran's state-directed development priorities. Its principal role is not presented as ordinary mass-market retail banking, but as the provision of finance to productive economic activity. Industry, mining, manufacturing, and associated projects form the core areas with which the institution is publicly identified. The available reference material does not establish a reliable founding year, original founder, detailed succession of chairpersons or chief executives, or a complete chronology of institutional reorganizations. Its activities have also been affected by the international environment surrounding Iran's financial system. In 2017, a Chinese state-owned investment firm provided a reported US$10 billion credit line involving five Iranian banks, among them the Bank of Industry and Mine, with the stated purpose of supporting projects in Iran. Because the public reference does not identify the bank's individual allocation or the projects financed through the facility, those details remain unspecified. The bank and its subsidiaries have additionally been reported as conducting financial dealings with Danish and German banks in the context of the restrictions imposed by US sanctions. These dealings illustrate the cross-border compliance and payment challenges faced by Iranian financial institutions, but the available material does not provide a sufficiently detailed transaction history to describe individual arrangements. In 2024, the bank became one of the Iranian financial institutions affected by a cyberattack attributed to IRLeaks. Reporting indicated that 20 of Iran's 29 banks, as well as the Central Bank of Iran, were impacted. Politico described the attack as the worst in the country's history. The available sources establish the bank's inclusion among the affected institutions, but do not document the exact technical impact, customer consequences, financial losses, or subsequent security measures. The institution remains identifiable as an active Iranian state-owned development bank serving industrial and mining finance. Information about its present management, financial scale, product-level terms, international offices, and current website is not established by the supplied reference material and is consequently left unreported.

1. 2024Affected by IRLeaks banking-sector cyberattack

   The Bank of Industry and Mine was among 20 of Iran's 29 banks reportedly affected by a cyberattack attributed to IRLeaks. The Central Bank of Iran was also reported as affected.

   Source
2. 2017Reported inclusion in a Chinese credit facility

   A Chinese state-owned investment firm provided a reported US$10 billion credit line for five Iranian banks, including the Bank of Industry and Mine, to support projects in Iran. No institution-specific allocation is identified in the available source.

   Source

A state-owned Iranian development bank focused on financing industrial, mining, manufacturing, and other productive-sector projects.

• Industrial project financeDevelopment finance

  Financing associated with industrial development and productive projects is central to the bank's public role. The reference material identifies industrial development as a core objective, but does not specify individual loan products, eligibility rules, maturities, pricing, or collateral requirements.

• Mining development financeDevelopment finance

  The bank's mandate explicitly includes mining development, linking it to Iran's mineral and extractive industries. Publicly available reference material does not provide a detailed catalogue of mining loans, project facilities, guarantees, or other specific instruments.

• Corporate and manufacturing financeBusiness banking

  As a specialized development bank serving productive sectors, the institution is associated with financial support for manufacturing and other industrial enterprises. The supplied sources support this broad description but do not document exact account types, trade-finance structures, or service terms.

• 2017Participation in a reported Chinese-backed credit arrangementOther

  Iranian banks faced restricted access to international finance and sought mechanisms to support domestic projects. A Chinese state-owned investment firm arranged a reported US$10 billion credit line for five Iranian banks, including the Bank of Industry and Mine.

  What changed. The bank was included among the Iranian institutions covered by the reported credit line. The available source does not state the bank's individual allocation, drawdown, or project-level use.

  Aftermath. The arrangement demonstrated the bank's participation in cross-border development-finance channels involving Iran, but no bank-specific financial outcome is established by the supplied material.

  Reported aggregate credit line for five Iranian banks. US$10 billion reported facility (2017)

  Source

• 2024IRLeaks cyberattack affects Bank of Industry and Mine

  A cyberattack attributed in reporting to IRLeaks affected 20 of Iran's 29 banks, including the Bank of Industry and Mine and the Central Bank of Iran. Politico characterized the incident as the worst attack in Iran's history.

  Other
  Source
• 2017Chinese investment firm provides credit line involving Bank of Industry and Mine

  A Chinese state-owned investment firm provided a reported US$10 billion credit line for five Iranian banks, including the Bank of Industry and Mine, to support projects in Iran. The available reporting does not specify the amount allocated to this bank.

  Other
  Source

1. Bank of Industry and Mine