Question 1

What is Iran-Venezuela Bi-National Bank (IVBB)?

Accepted Answer

Iran-Venezuela Bi-National Bank (IVBB) is an international financial institution established as a joint venture between Iran and Venezuela. Known in Persian as "بانک مشترک ایران و ونزوئلا" and in Spanish as "Banco Binacional Irán-Venezuela," the bank was created to develop commercial ties and facilitate trade between the two nations.

IVBB is one of only five foreign banks licensed to operate in Iran out of 40 total banks in the country. The bank is registered with the Central Bank of Iran and operates as a unique bi-national financial institution serving both Iranian and Venezuelan interests.

Question 2

When was Iran-Venezuela Bi-National Bank (IVBB) founded?

Accepted Answer

Iran-Venezuela Bi-National Bank was founded in 2010 as a joint venture between two state-owned banks: Banco Industrial de Venezuela and the Export Development Bank of Iran (EDBI). The bank was established with an initial capital of $200 million, contributed equally by both parties ($100 million each).

The bank was created during a period of strengthening diplomatic and economic ties between Iran and Venezuela. Both countries, facing international sanctions and economic pressures, sought to develop alternative financial mechanisms to support bilateral trade and investment.

The partnership was formalized to facilitate transactions in oil, petrochemicals, defense, infrastructure development, and other strategic sectors important to both nations.

Question 3

Where is Iran-Venezuela Bi-National Bank (IVBB) headquartered?

Accepted Answer

Iran-Venezuela Bi-National Bank is headquartered in Tehran, Iran. The bank's main office is located at IVBB Headquarters, 30th Alley, No. 96, Khaled Eslamboli Street (Vozara), Tehran.

An alternative address is listed as Tosee Building Ground Floor, Bokharest Street 44-46, Tehran. The bank maintains its primary operations in Iran's capital, which serves as the country's financial center.

Question 4

Where does Iran-Venezuela Bi-National Bank (IVBB) operate?

Accepted Answer

IVBB operates primarily in Iran, with its licensed banking operations centered in Tehran. The bank holds a Central Bank of Iran license (number H/737) and is authorized to conduct banking operations within Iran's regulatory framework.

While established to facilitate Iran-Venezuela bilateral trade, the bank's operational footprint is concentrated in Iran. The geographic distance between Iran and Venezuela, combined with high transaction costs, has limited the extent of direct cross-border operations between the two countries.

The bank promotes its investment and financial services as a means of supporting Iran's "foreign political programs" in South America and strengthening economic cooperation within the Iran-Venezuela alliance.

Question 5

What services does Iran-Venezuela Bi-National Bank (IVBB) offer?

Accepted Answer

Iran-Venezuela Bi-National Bank provides comprehensive banking and financial services focused on facilitating bilateral trade:

Trade Finance: Services supporting import-export transactions between Iran, Venezuela, and Latin American markets, including letters of credit and trade documentation.

Foreign Exchange Operations: Currency exchange services and foreign exchange transactions to support international trade operations. The bank has worked with institutions like China's Bank of Kunlun on foreign exchange operations.

Fund Transfers: Processing of international funds transfers on behalf of Iranian banks and businesses, particularly for transactions that support bilateral economic cooperation.

Investment Services: Financial services supporting joint economic projects between Iran and Venezuela in sectors including oil, petrochemicals, defense, and infrastructure development.

Correspondent Banking: Acting as a financial bridge between Iran and Venezuela, providing correspondent banking services that allow both countries to maintain financial connectivity despite international sanctions.

Question 6

What makes Iran-Venezuela Bi-National Bank (IVBB) unique?

Accepted Answer

IVBB is Iran's first bi-national bank, representing a unique institutional model designed to circumvent international financial restrictions. The bank was specifically created to facilitate financial cooperation between two sanctioned nations seeking alternative financial infrastructure.

The bank operates within a complex geopolitical environment and has been subject to international sanctions. The United States imposed sanctions on IVBB in September 2013, reimposed them in November 2018, and maintains the bank on the Specially Designated Nationals (SDN) list.

In 2020, Iranian officials announced plans to list 17% of IVBB shares on the Tehran Stock Exchange. In 2024, the bank was targeted in a major cyberattack by IRLeaks, affecting 20 Iranian banks in what was described as one of the worst attacks in Iran's history.

The bank's strategic importance was reinforced by the 20-year cooperation agreement signed between Iran and Venezuela in June 2022, which aims to deepen economic, political, and cultural ties while shifting trade away from the US dollar toward alternative payment systems.

Question 7

What type of financial institution is Iran-Venezuela Bi-National Bank (IVBB)?

Accepted Answer

Iran-Venezuela Bi-National Bank is a Joint Venture Commercial Bank and represents a unique category as a bi-national bank. The institution is structured as a strategic partnership between state-owned financial entities from two sovereign nations.

The bank's majority Iranian shareholders include Export Development Co. and several other Iranian companies. The majority Venezuelan shareholder is SUVINCA Co. (Suministros Venezolanos Industrialies C.A.).

In Iran's banking system, IVBB is classified as one of the five foreign banks operating in the country, though it maintains Iranian majority ownership and Iranian management. The bank operates under a Central Bank of Iran license and is subject to Iranian banking regulations.

The bank's board of directors includes representatives from both nations, though Iranian sources have indicated that the Venezuelan side has had limited participation in general assemblies in recent years. The bank's SWIFT code is IVBBIRT1, and it maintains registration number 365732 with Tehran ID number 10320162713.

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About Iran-Venezuela Bi-National Bank (IVBB) in Iran

Iran-V­enezue­la Bi-National Bank (IVBB)