Bank Melli Iran

Bank Melli Iran is a state-owned commercial bank established in 1927 and is one of the country’s largest lenders by assets and branch footprint; it acted as Iran’s de facto central bank until the Central Bank of Iran was formed in 1960. It operates thousands of branches and ATMs across the country, serving retail customers, small and medium enterprises, large corporates, and public sector entities. Core services include current and savings accounts in Iranian rial linked to the national Shetab payment network, domestic transfers and bill payments, and debit cards for in-country use; international card brands are generally not available for domestic transactions. Financing is offered under Iran’s interest-free banking framework, using Islamic banking contracts for consumer, corporate, and trade finance, including letters of guarantee and letters of credit subject to local foreign exchange controls. Digital channels include internet and mobile banking for balance inquiries, payments, and limited self-service requests, with IBAN-format account numbers (SHEBA) used for domestic transfers. The bank is supervised by the Central Bank of Iran and subject to national KYC/AML rules; Iran is designated a high-risk jurisdiction by the FATF, and Bank Melli is subject to U.S. sanctions, which substantially restrict correspondent banking, cross-border payments, and access to foreign financial infrastructure. Overseas branches and subsidiaries have existed in select markets, but availability and services are contingent on sanctions and host-country regulations. Public disclosures are primarily in Persian and may be less accessible to non-residents; financial statements and risk metrics are influenced by domestic regulation and economic conditions, including rial volatility and inflation. Deposits fall under Iran’s deposit guarantee framework with coverage limits set by local authorities. Account opening generally requires Iranian identification and in-country residency, and non-resident services are limited.