The first Iranian bank, Bank Sepah
was established in 1925 (corresponding to 1304 in the Iranian Calendar
The Iranian calendars or sometimes called Persian calendars are a succession of calendars invented or used for over two millennia in Greater Iran...
); its first branch, in Rasht
Rasht is a city in and the capital of Gilan Province, Iran. At the 2006 census, its population was 551,161, in 159,983 families.Rasht is the largest city on Iran's Caspian Sea coast. It is a major trade center between Caucasia, Russia and Iran using the port of Bandar-e Anzali...
, opened that year. The bank also has branches in Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
Rome is the capital of Italy and the country's largest and most populated city and comune, with over 2.7 million residents in . The city is located in the central-western portion of the Italian Peninsula, on the Tiber River within the Lazio region of Italy.Rome's history spans two and a half...
as well as a wholly owned subsidiary, Bank Sepah International plc which operates in London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. "Sepah" is the poetic Persian rendering for "Army". The Bank was named so because its opening capital was provided by the Army Pension Fund.
Bank Sepah Coin Museum
Bank Sepah Coin Museum was established in 1963 and features an invaluable treasure reflecting the periods of Iranian history dating back to over 2500 years ago. The museum is also of international significance given the multiethnic nature of the Iranian ruling elites over time.
US, UN Sanctions
This article outlines economic, trade, scientific and military sanctions against Iran, which have been imposed by the U.S. government, or under U.S. pressure by the international community through the United Nations Security Council...
were imposed on Bank Sepah by the United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
on January 9, 2007 due to Iran's suspected nuclear weapons program
Iran is not known to currently possess weapons of mass destruction and has signed treaties repudiating the possession of weapons of mass destruction including the Biological Weapons Convention, the Chemical Weapons Convention, and the Nuclear Non-Proliferation Treaty...
The United States claimed that the bank assisted Iran in developing missiles that could carry nuclear weapons. http://www.mercurynews.com/mld/mercurynews/news/politics/16420611.htm
and all its branches and subsidiaries in Italy, UK, France and Germany http://www.banksepah.com/EN/Branchs/Default.aspx
will have their assets frozen by the United States in order to prevent Iran from constructing nuclear weapons.http://www.mercurynews.com/mld/mercurynews/news/politics/16420611.htm
The official website http://www.banksepah.ir
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.
The Italian Central Bank on 30 March 2007 followed up on these sanctions by stopping its activities.
These sanctions were lifted on 21 December 2008.http://www.tehrantimes.com/Index_view.asp?code=185114