The first Iranian bank, Bank Sepah was established in 1925 (corresponding to 1304 in the Iranian Calendar); its first branch, in Rasht, opened in 1925. The bank also has branches in Frankfurt, Paris and Rome as well as a wholly owned subsidiary, Bank Sepah International plc which operates in London. "Sepah" is the poetic Persian rendering for "Army". The Bank was named so because its opening capital was provided by the Army Pension Fund.
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