Iran is a country with a mixed economy in transition, which retains a large public sector, reduced in recent years from 80% to below 50%. The Iranian economy is dominated by hydrocarbon production, although more than 40 industrial companies operate on the Tehran Stock Exchange.
The Iranian financial sector is composed of 30 banks, of which 18 are state-owned, 9 are private and 3 are credit cooperatives. State-owned banks account for 60% of the country’s banking market, and have the role of financing the government’s strategic projects, as well as facilitating access to credit for the most disadvantaged sectors of the population.
Among the state-owned banks, three stand out for their age, size and relevance: Melli, Mellat and Saderat. These three banks operate under the principles of Islamic law, which prohibits the charging of interest and promotes fairness and equity in financial transactions.
Melli: the National Bank of Iran
Melli Bank was founded in 1928 as the first national bank of Iran. Its name means “national” in Persian, and reflects its mission to serve the public interest and economic development of the country.
Melli is the largest bank in Iran, with more than 43,000 employees, 3,300 branches and 14,000 ATMs throughout the country. In addition, it has an international presence in 11 countries, including the United Kingdom, France, Germany, Turkey, Iraq, United Arab Emirates, China and Russia.
Melli offers retail, corporate, investment, international and electronic banking services, as well as loans, deposits, credit cards, insurance, leasing and investment funds.
Melli has been recognized as the best state-owned bank in Iran by Euromoney magazine in 2018 and 2019, and as the best Islamic bank in Iran by The Banker magazine in 2018. It also ranks fourth among Iranian banks and ninth among Islamic banks in the world, according to International Banker’s ranking, with 49.7% growth and $9.5 billion in assets in 2018.
Mellat: the Iranian Family Bank
Mellat Bank was established in 1980 as a result of the merger of 10 private banks following the Islamic revolution. Its name means “of the people” in Persian, and expresses its vision of being the Iranian family bank.
Mellat is the second largest bank in Iran, with more than 25,000 employees, 1,800 branches and 9,000 ATMs throughout the country. It also has branches in Turkey and South Korea, and representative offices in Iraq, Georgia and China.
Mellat specializes in offering retail, corporate, investment, international and electronic banking services, as well as loans, deposits, credit cards, insurance, leasing and pension funds.
Mellat has been awarded as the best customer service bank in Iran by Global Banking and Finance Review magazine in 2018 and 2019, and as the best socially responsible bank in Iran by International Finance magazine in 2019. It also ranks fifth among Iranian banks and tenth among Islamic banks in the world, according to International Banker’s ranking, with 48.9% growth and $8.9 billion in assets in 2018.
Saderat: Iran’s Export Bank
Bank Saderat was established in 1952, with the aim of facilitating Iran’s foreign trade. Its name means “export” in Persian, and reflects its commitment to promoting Iranian exports and regional economic integration.
Saderat is Iran’s third largest bank, with more than 20,000 employees, 3,000 branches and 7,000 ATMs throughout the country. It also has an international presence in 12 countries, including the United Kingdom, Germany, Greece, Turkey, Lebanon, United Arab Emirates, Qatar, Oman, China and India.
Saderat focuses on offering corporate, investment, international and electronic banking services, as well as financing for infrastructure, energy, industry, agriculture and trade projects.
Saderat has been distinguished as the best project bank in Iran by Global Finance magazine in 2018 and 2019, and as the best foreign trade bank in Iran by EMEA Finance magazine in 2019. It also ranks sixth among Iranian banks and eleventh among Islamic banks in the world, according to International Banker’s ranking, with 47.8% growth and $8.3 billion in assets in 2018.
Peru Mira concludes
Melli, Mellat and Saderat banks are the three most important state-owned banks in Iran, which have played a key role in the economic and social development of the country, as well as in the defense of national interests in the face of economic sanctions. These banks have established themselves as leaders in their respective segments, offering quality, innovative financial products and services in accordance with the principles of Islamic law. In addition, they have achieved an international projection, which allows them to compete with the best Islamic banks in the world.
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