| Sunday20 April 2014| |
Sepah Bank History

The profile of the first Iranian bank

     As the oldest Iranian bank, Bank Sepah commenced its operations on May 4, 1925, with an initial capital of IRR 3,883,950, in a shopping arcade in central Tehran, providing services to the government officers. With the expansion of operations, the Bank shifted to bigger premises in the year 1926 and opened its first branch in Rasht city. Two more branches were inaugurated in the cities of Mashhad and Hamedan in the following year. To facilitate road transportation of passengers and goods, Bank Sepah started its AutoBank services between Tehran and other provinces in the year 1925, which found wide acceptance amongst traders and merchants.
     The first Articles of Association of the Bank (approved in 1925) was fundamentally revised in 1926, thus enabling it to offer financial and banking services to develop its commercial, economic and productive activities. With a change in the Articles of Association, Bank Sepah became a joint stock company on February 10, 1953. The nationalization of banks following the victory of the Islamic Revolution resulted in the final changes in the Bank's Articles of Association on July 15, 1980 handing the proprietorship of the Bank back to the Government.
     As one of the most influential Iranian financial institutions, the present-day Bank Sepah, with over 86 years of experience, effectively contributes to the achievement of the country’s macroeconomic goals through consolidating the funds of depositors and directing them towards productive sectors.
With the present paid-in capital of IRR 7,822 billion, the Bank now plays a significant role in the economic developments of the country through providing services in national and international arenas and taking full advantage of its 18,252 employees at 1,891 domestic branches, three overseas branches in Paris, Rome and Frankfurt am Main, and one wholly-owned subsidiary, Bank Sepah International plc, in London.
     The bank has recently designed and executed Top Quality Customer Satisfaction scheme to further enhance its client-oriented performance. The following are among the highlights:
     •  Providing the clients with the necessary information through the Bank’s website, direct phone lines, and information stands;
     •  Elaborating the Bank’s services through brochures, annual reports, banners, T.V. and radio advertising, publications and billboards; and
    •  Executing 5S methodology throughout branches in order to increase security, improve the Bank’s services and gain the satisfaction of the clients.