page_title: Bank Melli Iran
section_title: History
hierarchical_section_title: Bank Melli Iran / History
caption_attribution_description: فارسی: ساختمان بانک ملی ایران شعبه سبزه میدان در میانه‌های دوران پهلوی
context_page_description: Bank Melli Iran is the first national and commercial retail bank of Iran. It is considered as the largest Iranian company in terms of annual income with a revenue of 364 657 billion Rials in 2016. It is the largest bank in the Islamic world and in the Middle East. By the end of 2016, BMI had a net asset of $76.6 billion and a vast network of 3.328 banking branches; so it is known as the largest Iranian bank based on the amount of assets. The brand of BMI was recognized as one of the 100 top Iranian brands in 10th National Iranian Heroes Championship in 2013. The National Bank has 3328 active branches inside, 14 active branches and 4 sub-stations abroad and it has 180 booths. The first managing director of BMI was Kurt Lindenblatt from Germany. Also, the first foreign branch of BMI was opened in Hamburg, Germany in 1948.
context_section_description: The formation of a new bank was first proposed by Haj Mohammad Hassan Amin Dar al-Zarb known as Amināl-Zarb (one of the great Tehran stockholders) in 1879 ten years before the creation of the King Bank, to Naser-al-Din Shah Qajar. But this proposal was not accepted with the interference of the countries that dominated Iran and their agents. Instead, the King Bank was established in Iran. After the establishment of the constitution, when the government allowed the National Assembly to allow external borrowing, the national feelings were excited that had been hurt by past loans and the behavior of foreign banks. So, the deputies demanded the establishment of the National Bank in order to curtail the political and economic influence of said banks and restore the treasury finances while opposing external borrowing. A group of traders and merchants committed to participate in the bank. Thus, it was published with a statement that showed the general feelings and popular interest in establishing a national credit bank in Iran in December 1906.
  On 23 November 1906, Mirza Abolqasem Nasser al-Malik, the Minister of Finance of the time of Muzaffar al-Din Shah, was present in the National Assembly. He announced the financial crisis of the country. He suggested that the government get a loan from European countries to deal with this problem, but the deputies dissented strongly. After that, on 9 December, the deputies agreed to establish a bank that could benefit the country and work with people's deposits in the interests of the country and the people. The news of Bank Melli formation with a capital of 15 million (300 million) that could be increased to 50 million Tomans faced with the nation's eagerness.
  On the other hand, sudden changes in the political situation and the 1907 agreement between the governments of Russia and Britain and the division of Iran, as well as the beginning of the First World War and the arrival of occupation forces in Iran, have undermined all efforts to form the National Bank. This great wish of people was postponed for many years. Finally, by the end of First World War and withdrawal of invaders from Iran, the law for establishing the National Bank of Iran was approved by the parliament on 14 May 1927. The statute of bank was approved by the Parliament's Finance Committee on 14 July 1928. Thus, the National Bank of Iran officially started its work in Tehran on Tuesday, 20 September 1928.
  The first CEO of the National Bank, Kurt Lindenblatt, and his vice-president, Fogel, came to Iran with 70 experts from Germany.
  According to the statute of bank, the National Bank of Iran was recognized as joint-stock company with legal personality; it was considered to be subject to commercial laws. The initial capital of the bank was 20 million Rials, of which only 8 million were paid. In 1935, the bank's capital increased to 300 million Rials and in 1952 it was increased to 2 billion Rials, all of which was paid. At present, it is187 trillion Rials with an increase in 2016.
  Due to the fact that there were no bank specialists in Iran at that time, the law allowed the recruitment of Swiss or German nationals for the administration of the bank. The number of bank employees on the opening day, including Iranian and German, did not exceed 27. Now, the number of employees of BMI is over 45 thousand people.
  At the beginning of establishment of the bank, two branches were established in the market of Tehran and Bandar-e Bushhehr, the most important commercial port of Iran, in addition to the central branch. The first bank branch abroad was established in Hamburg, Germany, in 1948.
  On 22 March 1931, the right to publish the banknote was approved by the National Assembly. It was officially granted to the National Bank of Iran for 10 years, which could be renewed on its own. In April 1932, the first banknote of BMI was issued.
  Saving Fund: saving fund of Bank Melli Iran was established under a law to encourage people to save money in 1939. It is one of the active units of the bank after establishment of Islamic banking system as 
caption: National Bank of Iran, painting in 1928
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