BANK SEPAH products, services and reviews

About BANK SEPAH

Bank Sepah is a state-owned Iranian bank founded in 1925 and headquartered in Tehran, recognized as the country’s first bank and supervised by the Central Bank of Iran. It provides retail, SME, corporate, and public-sector services, including current and savings accounts, Sharia-compliant financing (such as qarz al-hasan, murabaha, and ijara), letters of credit and guarantees, cash management, and domestic payment services. The bank operates a nationwide branch and ATM network, participates in the Shetab card scheme and national payment rails (Paya and Satna), and offers online and mobile channels for account management, bill payment, and fund transfers within Iran. Between 2019 and 2021, Ansar Bank, Hekmat Iranian Bank, Ghavamin Bank, Mehr Eqtesad Bank, and Kosar Credit Institution were merged into Bank Sepah under a sector consolidation plan led by the Central Bank, expanding its balance sheet and branch footprint. The bank historically maintained overseas subsidiaries and branches, including in Europe, but international activities and cross-border payments have been constrained by sanctions; Bank Sepah has been designated by U.S. authorities and was listed under UN and EU measures at various times, affecting access to SWIFT connectivity, correspondent banking, and hard-currency services. Accounts and lending are denominated in Iranian rial under domestic Islamic banking regulations, and availability of foreign currency services, cards usable outside Iran, and international transfers is limited and subject to change. Prospective customers and counterparties should review current sanctions lists, licensing requirements, and local regulatory guidance, as restrictions can affect onboarding, documentation, and the feasibility of transactions, particularly for non-residents and foreign entities.