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Iran Venezuela Bi-National Bank

Company type	JV
Industry	Financial services
Founded	2010; 14 years ago (2010)
Founders	Mahmoud Ahmadinejad and Hugo Chávez
Headquarters	Tehran, Iran
Number of locations	1
Key people	Mohammad Ghazaei Pakdehi (CEO)
Revenue	Rls.623,269,892,975 (2016–17) Rls.715,955,207,800 (2015–16)
Net income	Rls.363,021,917,597 (2016–17) Rls.380,171,634,554 (2015–16)
Total assets	Rls.7,135,105,938,521 (2016–17) Rls.32,365,508,413,721 (2015–16)
Owner	Banco Industrial de Venezuela (50%) Export Development Bank of Iran (50%)
Number of employees	79 (2016–17) 82 (2015–16)
Website	ivbb.ir
Footnotes / references Annual Report Fiscal Year (2016–2017)

Iran-Venezuela Bi-National Bank (Persian: بانک مشترک ایران و ونزوئلا, Bank Moshtarek-e Iran vâ Vânuzuilâ, 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.

Out of the 40 banks legally licensed to operate in Iran, the Iran-Venezuela Bi-National Bank is one of the only five foreign banks to make that list. In 2024 the bank was targeted in a cyberattack by IRLeaks.

History

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.

In September 2013, the United States Department of the Treasury imposed sanction on the bank. In 2015, an official in the Central Bank of the Islamic Republic of Iran told press that " 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. By 2016, the Iranian side was willing to sell its share. In 2018, the US reimposed sanctions on the bank.

In July 2020, Iran officials announced the Iran-Venezuela Bi-National Bank would enter the Tehran Stock Exchange by March 2021 (17% to be floated on the stock market).

In 2024, the Iran-Venezuela Bi-National Bank was attacked in a cyberattack by IRLeaks, which affected 20 Iranian banks, including the Central Bank of Iran. Politico referred to it as the "worst attack" in Iran's history.

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. "5 Foreign Banks Licensed by Iran". Financial Tribune. 2017-06-06. Retrieved 2021-05-25.
5. "Iran pays millions in ransom to end massive cyberattack on banks, officials say". POLITICO. 2024-09-04. Retrieved 2024-09-09.
6. Gardner, Timothy. "U.S. blacklists firms for evading Iran oil sale sanctions". U.S. Retrieved 2018-08-11.
7. "Joint Iran-Venezuela bank not much of a bank: Iran". Trend.Az. 2015-08-25. Retrieved 2018-08-11.
8. "Iran to Sell Shares in Joint Bank With Venezuela". Financial Tribune. 2016-11-08. Retrieved 2018-08-11.
9. White; Burke, Case LLP-Richard; Erb, Nicole; DeLelle, Claire A.; Zissis, Kristina; Brayton-Lewis, Cristina; S; Jorgensen, ra; Spicer, Margaret. "United States Fully Re-imposes Iran Sanctions and Expands Designations | Lexology". www.lexology.com. Retrieved 2021-05-25.
10. "Iran Venezuela Bi-National Bank to be listed on stock exchange". Tehran Times. 2020-07-11. Retrieved 2021-05-25.
11. "Iran pays millions in ransom to end massive cyberattack on banks, officials say". POLITICO. 2024-09-04. Retrieved 2024-09-09.

• Banks established in 2010
• Banks of Iran
• Banks of Venezuela
• Joint ventures
• Iran–Venezuela relations
• Foreign banks in Iran
• Iranian companies established in 2010
• Companies based in Tehran