Bank Melli Iran
Bank Melli Iran (BMI, Persian بانک ملی ایران ) is the largest state-owned bank of Iran.
History of establishment
Bank Melli Iran in 1927 by decision of the Iranian Parliament ( Majlis ) founded as the first national bank of Iran.
The first manager of the bank was the German Kurt lime leaf, who had previously worked for the National Bank of Bulgaria and was Wilhelm Bötzkes, the former head of the bank for corporate bonds today's IKB Bank, recommended. Lindenblatt initially proved a happy choice. The bank began its operations in September 1928 in Tehran and opened in the coming years branches in major cities of Iran. Due to the onset of the global economic crisis, the Bank had wanted to significant refinancing problems they solved by its own activities in commodity trading. Instead of a profit, the bank had 1932 but accumulated at the end of the financial year March a loss of 8.7 million riyals, equivalent to a then- equivalent of 900,000 British pounds. Lindenblatt traveled to economic talks in June 1932 to Germany. His deputy Vogel, who was accused of misappropriation of funds of the bank from the Iranian side, fled to Beirut, was arrested and committed suicide in prison. After his return to Iran linden leaf was interrogated and released immediately. In the public through guided trial however, he was completely rehabilitated. Abdolhossein Teymourtash, Court Minister and right-hand Reza Shah was, in connection with the scandal involving the losses of the Bank Melli also arrested in January 1933 and sentenced to five years in prison because he had borrowed from the bank substantial sum at preferential rates, and the borrowed had used funds to currency speculation against the Iranian currency. A few months later Teymoutash died in custody in suspicious circumstances. Successor of lime leaf, General Amir Khosrovi, who in 1931 assumed the management of the Bank Sepah (Army Bank).
1931, the Bank Melli has been authorized by Parliament to print the Iranian Rialscheine and bring it into circulation. This task fell to the then located in British-owned Imperial Bank of Persia. Under Khosrovi and later Hossein Ala, the Bank expanded its business activities significantly. Their task was next to the activity as a central bank that a regular bank to finance trade and industry. Prior to its takeover by Abol Hassan Ebtehaj Bank Melli was more of a Department of the Treasury for an independent bank. Only Ebtehaj this changed radically and made by Bank Melli an autonomous body.
Your role as Iran's central bank, the Bank Melli in 1960 lost with the establishment of the Bank Markazi. From now on, it was just a commercial bank. In 1965, opened its first foreign branch in Hamburg.
Operations
Since its inception, the BMI grew to a market leader of the Iranian financial sector. It processes more than half of Iran's foreign trade and maintains approximately 3,100 outlets, of which 16 abroad. All transactions are handled by BMI according to the rules of Islamic banking. The current Director of the Bank is Abdolhamid Ansari.
The branches of BMI are located in Baku, Bahrain, Hong Kong, Muscat, Muharraq, Moscow. In addition, there are seven stores in the United Arab Emirates. The activity of branches in London, Paris and Hamburg had to be stopped after the EU sanctions from June 2008.
Sanctions
In connection with the dispute over Iran 's nuclear facilities in the United States adopted in October 2007 in the anti- proliferative and anti-terrorism decrees sanctions against BMI. On 20 March 2008, the Financial Crimes Enforcement Network of the U.S. Treasury Department warned of transactions with BMI and other Iranian banks, as well as against money laundering and terrorism support.
British Prime Minister Gordon Brown announced during the visit of George W. Bush in London on 16 June 2008 to freeze the foreign assets of the Bank with immediate effect. The European Union then gave a similar message known and joined the sanctions against Bank Melli Iran.