Persia International Bank was founded in London in 2002. The company was formed after the merger of its joint shareholders Bank Mellat and Bank Tejarat. The bank is not an Iranian bank operating in the UK; rather, it is a UK bank with Iranian shareholders. Bank Mellat is the majority shareholder, and Persia International is a subsidiary of that bank.
The bank has not been without controversy and was named in a 2008 United States Treasury watchlist of Iranian banks potentially trading in violation of the UN Security Council. The bank was also sanctioned by the European Union for supporting Iranian nuclear and missile programmes; it was determined that governments of the EU had not properly or correctly assessed the evidence.
Persia International Bank has a single international branch, based in Dubai, and is represented by its shareholder banks in Iran.
Persia International Bank Products and Services
Persia International is a small bank but aims to provide a wide range of products and services to both corporate and individual customers. It is the bank’s stated goal to have the product range of a large bank and the customer service ethos of a small one.
For corporate clients, Persia International offers project finance, money transfers, overdrafts, foreign exchange, current accounts, deposit accounts, and loans. The bank also has a portfolio of trade finance products, including letters of credit (advisory, amendment and discounting of usance), checking of documents, documentary collections, letters of guarantee, assigning of proceeds to third parties and acting as the reimbursement bank under letters of credit.
Personal banking customers can open current, savings and deposit accounts. They can also take advantage of Persia International’s money transfer and foreign exchange services.
Persia International Bank Security
Persia International Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.