Bank Mellat
Template:Short description {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | headquarters | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | subsidiaries | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }} Bank Mellat (Template:Langx, 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 amountedTemplate:When 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.Template:Citation needed
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.<ref name=dawn-20071211>Template:Cite news</ref>
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.<ref>Template:Cite news</ref>
On 29 January 2013, the European General Court in Luxembourg ruled to annul the European Union sanctions in place since 2010 against Bank Mellat on grounds of supporting the Iranian nuclear and missile programs, stating that the basic rights of the bank had been denied and there was no evidence supporting the claim. Bank Mellat intends to sue for damages.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> On 18 February 2016, the Court of Justice of the European Union concurred with the General Court decision that the reasons given for sanctions were too vague.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
A related action in the British courts was taken to the Supreme Court of the United Kingdom in March 2013, causing the court to hold a closed hearing for the first time.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In June 2013, the Supreme Court ruled that the UK government's sanctions on the bank had been unlawful with one justice stating that targeting Bank Mellat was "irrational and disproportionate".<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=ft-20190618/> Bank Mellat is claiming damages from the UK government for the loss of business between 2009 and 2013.<ref name=telegraph-20130818>Template:Cite news</ref> The damages hearing was scheduled for June 2019, with Bank Mellat seeking damages of $1.7 billion.<ref name=lawgazette-20190318>Template:Cite news</ref> On the first day of the trial the parties agreed a settlement for a confidential sum.<ref name=ft-20190618>Template:Cite news</ref><ref name=reuters-20190618>Template:Cite news</ref> The Times later reported that £1.25 billion plus interest was paid to Bank Mellat, through a third country entity to avoid US sanctions.<ref name=times-20191004>Template:Cite news</ref><ref name=f24-20191004>Template:Cite news</ref> However the British government stated in parliament "the amount paid in respect of the settlement was €91,352,709.35", plus £1 million for legal costs.<ref name=hoc-20191014>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>