Bank Saderat

Bank Saderat Iran

Type	Public company
Traded as	: BSDR1 ISIN: IRO1BSDR0003
Industry	Banking, Financial services
Founded	1952, Tehran
Founder	Mohammad Ali Mofarrah
Headquarters	Bank Saderat Tower, 43 Somayeh Avenue, Tehran, Iran
Area served	Worldwide
Key people	Siavash Zeraati (CEO)
Services	Credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking, wealth management
Revenue	US$ 40.504 billion (2013)
Operating income	US$6.113 billion (2013)
Profit	US$4.993 billion (2013)
Total assets	US$59.110 billion (2013)
Total equity	US$74.587 billion (2013)
Number of employees	32,000
Subsidiaries	Bank Saderat PLC (London), Bank Saderat Tashkent.
Website	www.bsi.ir

Bank Saderat Iran (BSI) (lit. "Export Bank of Iran") is an Iranian multinational banking and financial services company headquartered in Tehran, Iran. It is Iran's largest bank. It was founded in Tehran in 1952 by the prominent Mofarrah and Bolurfrushan families, represented in the first board by mohandes Mohammad Ali Mofarrah and mohandes Mohammad Bolurfrushan and commenced operation on 13 November 1952 with a board of three directors and 20 employees.

Bank Saderat Iran has around 3,500 offices in 12 countries and territories across Europe, the Middle East and Asia, and around 10 million customers. As of 30 June 2013, it had total assets of $59.110 billion. BSI has 28 international branches and services in 12 countries. BSI has a primary listing on the .

On 7 June 1979, after the Iranian Revolution, all Iranian private banks were nationalized, quite to the dismay of the founding families, and became state-owned. In 1980, branches and sub-branches of BSI in the Iranian provinces were turned into independent banks, named Bank Saderat Ostan (province). Today, BSI has 29 owned provincial bank subsidiaries and over 200 affiliated companies, supervised by Ghadir Investment Company. Iranian banks are administered on the basis of a law passed by the Islamic Revolution Council on 25 September 1979, and the provisions of its Articles of Association.

Bank Saderat is used by the Government of Iran to transfer money to what the U.S.-designated terrorist organizations, including Hezbollah, Hamas, the Popular Front for the Liberation of Palestine-General Command and Palestinian Islamic Jihad, as alleged by U.S. Department of the Treasury.

Under the current Iranian Transactions Regulations (31 CFR Part 560), U.S. banks may process certain funds transfers involving an Iranian bank, such as transfers for authorized or exempt transactions and "U-turn" transactions. U-turn transactions allow U.S. banks to process payments involving Iran that begin and end with a non-Iranian foreign bank. Bank Saderat will not be able to participate in any transfers involving U.S. banks, effective from the date that the amendment to the regulations is filed with the U.S. Federal Register. By prohibiting U-turn and all other transactions with Bank Saderat, the bank is denied all direct and indirect access to the U.S. financial system.