Company:Iran-Venezuela Bi-National Bank

From HandWiki
Short description: International financial institution
Iran Venezuela Bi-National Bank
TypeJV
IndustryFinancial services
Founded2010; 14 years ago (2010)
FoundersMahmoud Ahmadinejad and Hugo Chávez[1]
Headquarters
Tehran
,
Iran[2]
Number of locations
1[2]
Key people
Mohammad Ghazaei Pakdehi
(CEO)
Revenue
  • Decrease Rls.623,269,892,975 (2016–17)
  • Rls.715,955,207,800 (2015–16)
  • Decrease Rls.363,021,917,597 (2016–17)
  • Rls.380,171,634,554 (2015–16)
Total assets
  • Decrease Rls.7,135,105,938,521 (2016–17)
  • Rls.32,365,508,413,721 (2015–16)
Owner
Number of employees
  • Decrease 79 (2016–17)
  • 82 (2015–16)
Websiteivbb.ir
Footnotes / references
Annual Report Fiscal Year (2016–2017)[3]

Iran-Venezuela Bi-National Bank (Persian: بانک مشترک ایران و ونزوئلا‎, Bank Mishiterk-e Iran vâ Vânuzuilâ, Spanish: Banco Binacional Irán-Venezuela) is an international financial institution that was founded in 2010 with an aim to develop commercial ties between Iran and Venezuela.[1]

Out of the 40 banks legally licensed to operate in Iran, the Iran-Venezuela Bi-National Bank is one of the only five foreign banks to make that list.[4]

History

It started as a joint venture between two state-owned banks, Banco Industrial de Venezuela and Export Development Bank of Iran with a starting capital of $200 million offered equally by both parties.[2]

In September 2013, the United States Department of the Treasury imposed sanction on the bank.[5] In 2015, an official in the Central Bank of the Islamic Republic of Iran told press that "[the] bank is not given much freedom" and it is being managed one-sidedly by Iran, because the Venezuelan side does not participate in the general assemblies.[6] By 2016, the Iranian side was willing to sell its share.[7] In 2018, the US reimposed sanctions on the bank.[8]

In July 2020, Iran officials announced the Iran-Venezuela Bi-National Bank would enter the Tehran Stock Exchange by March 2021 (17% to be floated on the stock market).[9]

References

  1. ↑ 1.0 1.1 Bailey, Norman A. (February 2012). "Iran's Venezuelan Gateway". Iran Strategy Brief (5). http://www.hacer.org/pdf/HHRG1122.pdf. 
  2. ↑ 2.0 2.1 2.2 "5 Foreign Banks Licensed by Iran" (in en-US). Financial Tribune. 2017-06-06. https://financialtribune.com/articles/economy-business-and-markets/65918/5-foreign-banks-licensed-by-iran. 
  3. ↑ "Annual Report Fiscal Year (2016-2017)". Iran Venezuela Bi-National Bank. http://www.en.ivbb.ir/PortalData/Subsystems/StaticContent/uploads/Image/general/ltr/annual_Report/annual%20report%202016-2017(1).pdf. 
  4. ↑ "5 Foreign Banks Licensed by Iran" (in En). 2017-06-06. https://financialtribune.com/articles/economy-business-and-markets/65918/5-foreign-banks-licensed-by-iran. 
  5. ↑ Gardner, Timothy. "U.S. blacklists firms for evading Iran oil sale sanctions" (in en-US). U.S.. https://www.reuters.com/article/us-usa-iran-oil-sanctions/u-s-blacklists-firms-for-evading-iran-oil-sale-sanctions-idUSBRE94814Q20130509. 
  6. ↑ "Joint Iran-Venezuela bank not much of a bank: Iran" (in en-EN). Trend.Az. 2015-08-25. https://en.trend.az/iran/business/2427169.html. 
  7. ↑ "Iran to Sell Shares in Joint Bank With Venezuela" (in en-US). Financial Tribune. 2016-11-08. https://financialtribune.com/articles/economy-business-and-markets/53228/iran-to-sell-shares-in-joint-bank-with-venezuela. 
  8. ↑ White; Burke, Case LLP-Richard; Erb, Nicole; DeLelle, Claire A.; Zissis, Kristina; Brayton-Lewis, Cristina; S; Jorgensen, ra et al.. "United States Fully Re-imposes Iran Sanctions and Expands Designations | Lexology" (in en). https://www.lexology.com/library/detail.aspx?g=6bc0130a-4179-40c8-8e24-5ad38015cd66. 
  9. ↑ "Iran Venezuela Bi-National Bank to be listed on stock exchange" (in en). 2020-07-11. https://www.tehrantimes.com/news/449864/Iran-Venezuela-Bi-National-Bank-to-be-listed-on-stock-exchange. 



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