Iran-Venezuela Bi-National Bank

Iran Venezuela Bi-National Bank (Persian: بانک مشترک ایران و ونزوئلا‎, 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]

Iran Venezuela Bi-National Bank
JV
IndustryFinancial services
Founded2010 (2010)
FoundersMahmoud Ahmadinejad and Hugo Chávez[1]
Headquarters
Tehran
,
Iran[2]
Number of locations
1[2]
Revenue
  • 623,269,892,975 IRR (2016–17)
  • 715,955,207,800 IRR (2015–16)
  • 363,021,917,597 IRR (2016–17)
  • 380,171,634,554 IRR (2015–16)
Total assets
  • 7,135,105,938,521 IRR (2016–17)
  • 32,365,508,413,721 IRR (2015–16)
Owner
Number of employees
  • 79 (2016–17)
  • 82 (2015–16)
Websiteivbb.ir
Footnotes / references
Annual Report Fiscal Year (2016–2017)[3]

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.[4] 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.[5] By 2016, the Iranian side was willing to sell its share.[6]

References
  1. Bailey, Norman A. (February 2012). "Iran's Venezuelan Gateway" (PDF). Iran Strategy Brief (5).
  2. "5 Foreign Banks Licensed by Iran". Financial Tribune. 2017-06-06. Retrieved 2018-08-11.
  3. "Annual Report Fiscal Year (2016-2017)" (PDF). Iran Venezuela Bi-National Bank.
  4. Gardner, Timothy. "U.S. blacklists firms for evading Iran oil sale sanctions". U.S. Retrieved 2018-08-11.
  5. "Joint Iran-Venezuela bank not much of a bank: Iran". Trend.Az. 2015-08-25. Retrieved 2018-08-11.
  6. "Iran to Sell Shares in Joint Bank With Venezuela". Financial Tribune. 2016-11-08. Retrieved 2018-08-11.
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