Bank Tejarat (Persian: بانک تجارت, Bānk-e Tejārat, lit. 'Mercantile (or Commerce) Bank') is a significant bank in Iran, headquartered in Tehran.[4] It was formed in 1979 by merger of several institutions including Bank Bazargani, itself the domestic successor of the Imperial Bank of Persia since 1952.
History
Iran's Banks Nationalization Act was approved in 1979. Bank Tejarat (which means Mercantile or Commerce Bank in Persian) was subsequently established to integrate Bank Bazargani together with five domestic commercial banks and six previous multi-nationality banks which were active in international and domestic fields.[5]
In 2009 the bank was partially privatized, with the Iranian state remaining as a minority shareholder.[6]
In January 2014, the European General Court in Luxembourg ruled to annul the European Union (EU) sanctions in place since 2012 against the bank on grounds of supporting the Iranian nuclear program