Bank Saderat Iran
An Iranian commercial bank with a nationwide branch network and international operations across Europe, the Middle East and Asia.
Last updated October 22, 2026
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Overview
Bank Saderat Iran, commonly abbreviated as BSI, is an Iranian commercial banking and financial-services institution headquartered in Tehran. Its Persian name means Bank of Exports of Iran, reflecting its original orientation toward trade and export finance. The bank was established in Tehran in 1952 by the Mofarrah and Bolurfrushan families and their associates. Mohammad Ali Mofarrah and Mohammad Bolurfrushan represented the founding interests on the first board. The institution initially operated under the name Bank Saderat va Maaden, or Bank of Exports and Mines, before adopting the name Bank Saderat Iran in 1963. The bank began operations on 13 November 1952 with a small staff and a single Tehran branch. Edward Joseph, a banking specialist invited by Mohammad Ali Mofrah, served as its first chief executive for approximately two years. Mofrah subsequently became chief executive and remained in that role for much of the period before the Iranian Revolution. During its first decades, BSI expanded from a private Tehran institution into a major nationwide bank, serving households, merchants, companies and international traders. A decisive change occurred after the Iranian Revolution. On 7 June 1979, Iran nationalized its private banks, including Bank Saderat, converting BSI into a state-owned institution. In 1980, provincial branches and sub-branches were reorganized into separately named provincial banks. The bank later developed a broader corporate structure involving provincial banking entities and affiliated companies. Its activities have included deposits, lending, payment services, trade finance, letters of credit, bank guarantees, project financing and other commercial banking services. BSI has also maintained an international presence. Reference material describes branches and offices in countries and territories across the Middle East, Europe and Asia, including the United Arab Emirates, Lebanon, Afghanistan, Qatar, Bahrain, France, Germany, Italy, Pakistan, Oman, Turkmenistan, the United Kingdom and Uzbekistan. Its international business has particularly included Iranian trade conducted through the United Arab Emirates, with project finance, letters of credit and demand guarantees identified as important activities. The scale of its network and customer base has varied over time; a 2013 reference described approximately 3,500 offices, about 10 million customers and 28 international branches or service locations, but those figures should not be treated as current. The bank's international activities have been affected by sanctions and restrictions connected with Iran. The United States Treasury has accused BSI of facilitating transfers for organizations that the United States designates as terrorist organizations. U.S. restrictions consequently removed the bank's direct and indirect access to the U.S. financial system. The European Union also imposed measures against BSI. In 2013, the General Court of the European Union annulled the sanctions listing on procedural and evidentiary grounds, although the asset freeze was reported to remain in place in 2016. In 2019, an EU court rejected the bank's claim for £78.7 million in damages related to the listing. Bank Saderat's visual identity has changed with its institutional history. Its original emblem used a winged horse, while a post-revolution design represented Iran and its provincial centers. The current logo, introduced in 1990, depicts two hands and a coin. The design was associated with Esmail Kia-Moghaddam and later modifications by Morteza Momayez, whose collaboration gave rise to a dispute over authorship. BSI remains an active Iranian banking brand, although reliable current information about its exact ownership structure, branch count, financial performance and executive leadership is limited in the supplied sources.
History
Bank Saderat Iran was created in Tehran in 1952 by the Mofarrah and Bolurfrushan families and associated investors. The founding group included Mohammad Ali Mofrah and Mohammad Bolurfrushan, who represented the founders on the first board. The institution was registered as Bank Saderat va Maaden, translated as Bank of Exports and Mines. It was initially capitalized at 20 million Iranian rials, although only part of that amount had been paid in at the beginning. The first offices were located in central Tehran, and the bank opened its first branch on 13 November 1952. Edward Joseph, a banking expert invited by Mohammad Ali Mofrah, became the first chief executive. After Joseph's initial tenure, Mofrah assumed the chief executive role in 1954. He remained in the position until late 1977 and withdrew from the board in 1978. The bank expanded during this period from a small private institution into a substantial Iranian commercial bank. Its services developed around deposits, lending, commercial finance and support for domestic and international trade. In 1963, the institution adopted the name Bank Saderat Iran. The Iranian Revolution transformed the bank's legal and ownership status. On 7 June 1979, the new authorities nationalized Iran's private banks, including Bank Saderat. It consequently became a state-owned bank. In 1980, provincial branches and sub-branches were reorganized into independent provincial institutions known as Bank Saderat Ostan. Over time, BSI became associated with provincial banking entities and a large network of affiliated companies, with Ghadir Investment Company identified in the reference material as a supervising entity. The bank's post-revolution business remained broad. It served individual depositors and borrowers while also providing financing and payment services to companies and public-sector customers. Internationally, its activities included trade settlement, letters of credit, guarantees and project financing. Reference material identifies operations or branches in the United Arab Emirates, Lebanon, Afghanistan, Qatar, Bahrain, France, Germany, Italy, Pakistan, Oman, Turkmenistan, the United Kingdom and Uzbekistan. The United Arab Emirates, especially Dubai, was described as an important location for handling Iranian trade. BSI's international position became increasingly constrained by sanctions. The U.S. Treasury accused it of facilitating financial transfers for organizations designated by the United States as terrorist organizations. In 2008, U.S. rules removed the bank's ability to participate in U-turn transactions and other transfers involving U.S. banks. The resulting restrictions denied it access to the U.S. financial system, both directly and through intermediaries. The European Union also listed the bank for sanctions. In February 2013, the EU General Court annulled the listing, citing inadequate reasoning and problems concerning disclosure of the evidence relied upon. Subsequent reference material stated that the asset freeze remained effective in 2016. In 2019, an EU court rejected BSI's claim for £78.7 million in compensation related to the sanctions listing. The brand identity also reflects the bank's changing history. Its first logo showed a winged horse, a symbol associated with speed, endurance, nobility and ambition. After the revolution, the emblem was replaced by a map of Iran with provincial centers. In 1990, BSI introduced its current hands-and-coin symbol. The design was initially commissioned through the public-relations department and attributed to Esmail Kia-Moghaddam, with later modifications by Morteza Momayez. The two designers subsequently disputed authorship of the final version. Bank Saderat remains an active Iranian banking institution, but the supplied sources do not establish a current executive roster, current branch total or up-to-date financial position.
- 2019
Damages claim rejected
[1]An EU court rejected the bank's claim for damages associated with its sanctions listing.
- 2013
EU sanctions listing annulled
[1]The EU General Court annulled the bank's sanctions listing on procedural and evidentiary grounds.
- 2008
U.S. financial-system restrictions take effect
[1]U.S. regulatory restrictions barred Bank Saderat from participating in U-turn and other transactions involving U.S. banks.
- 1990
Current logo introduced
[1]The bank introduced its hands-and-coin logo, which replaced the post-revolution map emblem.
- 1980
Provincial banking reorganization
[1]Provincial branches and sub-branches were reorganized into independent provincial banks known as Bank Saderat Ostan.
- 1979
Nationalized after the Iranian Revolution
[1]Iran nationalized its private banks, bringing Bank Saderat into state ownership.
- 1963
Adopts the name Bank Saderat Iran
[1]The bank changed its name from Bank Saderat va Maaden to Bank Saderat Iran.
- 1952
Bank founded in Tehran
[1]The Mofarrah and Bolurfrushan families and their associates established the institution that initially operated as Bank Saderat va Maaden.
- 1952
First branch begins operations
[1]The bank commenced operations on 13 November with its first branch in Tehran and a small staff.
Products and positioning
A large Iranian state-owned commercial bank combining nationwide retail and corporate banking with cross-border trade-finance capabilities.
Retail banking
Retail deposits and accounts
Bank Saderat provides conventional commercial-bank deposit services for individual and institutional customers, including current and savings accounts. These products form the funding base for its retail, corporate and trade-finance activities.
Lending
Loans and credit facilities
The bank has historically offered loans and credit facilities to households, merchants, companies and other borrowers. Its lending role expanded as the institution developed from a Tehran-based private bank into a nationwide state-owned commercial bank.
Trade finance
Letters of credit
Letters of credit are among BSI's documented international banking services. They support commercial transactions by providing a bank-mediated payment mechanism for importers, exporters and counterparties in cross-border trade.
Corporate banking
Bank guarantees
BSI provides bank guarantees, including demand guarantees, for commercial and project-related obligations. These instruments are particularly relevant to corporate customers and to Iranian trade conducted through the bank's international network.
Corporate and investment banking
Project finance
Project financing is identified as an important part of the bank's international activity. The service supports larger commercial undertakings and infrastructure or business projects, although the supplied sources do not provide a current portfolio or product terms.
International banking
International payments and trade settlement
The bank's overseas branches and offices support international payment, settlement and trade-related banking services. Its Dubai operations have been described as handling Iranian trade flows into and out of the United Arab Emirates.
Controversies
2019
Rejection of damages claim related to EU listing
An EU court rejected Bank Saderat's claim for £78.7 million in damages arising from its inclusion on the EU sanctions list.
2013
European Union sanctions litigation
The EU General Court annulled the bank's sanctions listing because the EU had not adequately stated its reasons or disclosed the evidence relied upon. Later reference material reported that the asset freeze remained in force in 2016.
2008
U.S. allegations and financial sanctions
The U.S. Treasury accused Bank Saderat of facilitating transfers for organizations designated by the United States as terrorist organizations. U.S. restrictions subsequently blocked the bank from direct and indirect access to the U.S. financial system.
Brand decisions
1990
Adopt the hands-and-coin visual identityOtherBackground
The bank had used a post-revolution emblem depicting Iran and its provincial centers.
Action taken
BSI introduced a new logo showing two hands and a coin.
Aftermath
The emblem became the bank's continuing visual identity, although its authorship later became disputed.
1980
Reorganize provincial operationsStrategyBackground
The nationalized banking system sought to restructure regional branch operations.
Action taken
BSI provincial branches and sub-branches were converted into independent provincial banks known as Bank Saderat Ostan.
Aftermath
The reorganization created a more distributed provincial structure within the Iranian banking system.
1979
Transition to state ownershipStrategyBackground
Following the Iranian Revolution, the government nationalized the country's private banks.
Action taken
Bank Saderat was nationalized and incorporated into Iran's state-owned banking system.
Aftermath
The bank's ownership and governance changed, and its provincial operations were subsequently reorganized.
1963
Rename the institution Bank Saderat IranStrategyBackground
The bank had operated since 1952 under the name Bank Saderat va Maaden, or Bank of Exports and Mines.
Action taken
The institution adopted the name Bank Saderat Iran, which became its enduring corporate identity.
Aftermath
The renamed bank continued expanding its commercial and international banking activities.
Recent events
- Unconfirmed
German regulator revokes Bank Saderat Iran’s Hamburg license[3]
Reported:
A German regulator revoked Bank Saderat Iran’s license in Hamburg.
Sources3 sources
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