Bank Mellat (, Bānk-e Mellat, lit. People's Bank) is one of the most active Iranian banks. Its name means "Bank of the Nation". The bank was established in 1980, with a paid capital of 33.5 billion Rials as a merger of ten pre-1979 revolution private banks, comprising Tehran, Dariush, Pars, Etebarat Taavoni & Tozie, Iran & Arab, Bein-al-melalie-Iran, Omran, Bimeh Iran, Tejarat Khareji Iran and Farhangian.
The bank's capital amounted to Rls 13,100 billion and it was one of the largest commercial banks in Iran, ranking among the top 1000 banks of the world.
In 2007 the Iranian government started the process of privatising the bank as part of a policy of selling 80% of state-owned stakes in banking, media, transportation and mining companies.[3]
The Bank Mellat London branch was merged with the Bank Tejarat branch to form Persia International Bank PLC.
Sanctions and court actions
The United States Department of the Treasury has mentioned Bank Mellat and Persia International in their watchlist of Iranian banks which may be trading in violation of UN Security Council Resolution 1803.[4]