Also Known As:
-Emam Khomeini Square, P.O. Box 11364, Tehran, Iran
-P.O. Box 11364-9569, Tehran, Iran
Large Iranian state-owned bank; described by the U.S. Treasury Department as the "bank of choice" of Iran's Aerospace Industries Organization (AIO), and as a "financial conduit" for acquiring sensitive materials for Iran's missile program from abroad.
Listed in an annex to U.N. Security Council resolution 1747 of March 24, 2007, as an entity involved in Iran's nuclear or ballistic missile activities; removed from the U.N. list by the U.N. Security Council on January 17, 2016; listed by the European Union on April 20, 2007, pursuant to U.N. Security Council resolution 1747; removed from the E.U. list on January 22, 2016 following the removal of U.N. sanctions; added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on January 9, 2007, pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction (WMD) and their delivery systems; removed from the SDN list in January 2016 as part of the Joint Comprehensive Plan of Action, but identified as a part of the Government of Iran, prohibiting transactions with U.S. parties; listed by the British government in 2015 as an entity of potential concern for WMD-related procurement.
According to the U.S. Treasury Department, arranges financing and processes multi-million dollar transactions for AIO and its subordinates, and serves as a provider of key financial services to AIO subsidiaries Shahid Hemmat Industries Group (SHIG) and Shahid Bakeri Industries Group (SBIG); both SHIG and SBIG were identified by the U.N. Security Council as entities involved in Iran's ballistic missile program; according to the U.S. Treasury Department, in 2005 financed the sale of missile related items from a Chinese firm to Iran and transferred more than $500,000 on behalf of AIO to a North Korean firm associated with the Korea Mining Development Trading Bureau (KOMID), which has been described by the Treasury Department as "North Korea's chief ballistic missile-related exporter."
Operates some 1,700 domestic branches, three branches abroad in Paris, Rome and Frankfurt, and one wholly-owned subsidiary, Bank Sepah International Plc, in London; "affiliated companies" have included Omid Investment Management Company (OIM Co) and Bank Sepah Brokerage Company (BSB Co); together with OIM Co and BSB Co, owns over 50 percent of shares of the Sepah Investment Company; members of the Board of Directors have included Mohammad Kazem Chaghazardi, Hamed Heyat, Hamidreza Khatibi, Esa Kazemnezhad, Hadi Akhlaghi, and Ahmad Derakhshandeh.
Swift Bank Code for Bank Sepah in Iran is SEPB IR TH; established in 1925.