Question 1

What is Bank Mellat?

Accepted Answer

Bank Mellat is an Armenian commercial bank and a subsidiary of Iran's Bank Mellat, one of Iran's largest and most active banking institutions. Operating in Armenia since 1995, Bank Mellat provides comprehensive financial services to individuals and legal entities, with a particular focus on facilitating trade and economic relations between Armenia and Iran. The bank is licensed by the Central Bank of Armenia and operates as Bank Mellat CJSC (Closed Joint-Stock Company).

Bank Mellat Armenia serves as a key financial bridge between the Armenian and Iranian economies, handling more than 50% of all trade transactions between the two countries.

Question 2

When was Bank Mellat founded?

Accepted Answer

Bank Mellat's Armenian operations were established in 1995, making it one of the early foreign banks to enter Armenia following the country's independence from the Soviet Union in 1991. The parent institution, Bank Mellat of Iran, was established in 1980 as a merger of ten pre-1979 revolution private Iranian banks.

The decision to establish Bank Mellat in Armenia came as part of Iran's strategic policy to create banking presence in newly independent former Soviet states. Despite entering Armenia when the country's financial system was still in its early stages of development and lacked stability, Bank Mellat recognized the opportunity to strengthen bilateral economic ties between Iran and Armenia.

The establishment of Bank Mellat in Armenia was not primarily profit-driven but rather focused on facilitating and simplifying trade relations between the two nations. The bank received license N78 from the Central Bank of the Republic of Armenia and has maintained continuous operations for 30 years as of 2025.

Question 3

Where is Bank Mellat headquartered?

Accepted Answer

Bank Mellat is headquartered in Yerevan, Armenia, at 6 Amiryan Street, Yerevan 0010. This central location in Armenia's capital city provides convenient access for both retail and corporate customers. The bank's postal address is P.O. Box 24, Yerevan 0010, Republic of Armenia.

The headquarters can be reached at phone numbers (+374 10) 581791, (+374 10) 581354, (+374 10) 581523, and (+374 10) 581394. The fax number is (+374 10) 540885.

Question 4

Where does Bank Mellat operate?

Accepted Answer

Bank Mellat operates exclusively within Armenia, serving customers throughout the country from its base in Yerevan. The bank maintains a focused presence in the Armenian market, with operations concentrated on serving clients engaged in international trade, particularly those with business relationships involving Iran and the broader region.

While the bank's physical presence is primarily in Yerevan, its services are accessible to customers across Armenia, including businesses and individuals in various regions who require foreign exchange services, trade finance, and international banking capabilities.

Question 5

What services does Bank Mellat offer?

Accepted Answer

Bank Mellat provides a comprehensive range of commercial banking services tailored to both individual and corporate customers. The bank offers various deposit products, current and savings accounts, and time deposit accounts. Loan services are available for businesses and consumers, including real estate financing, consumer loans, and business financing programs.

For corporate clients, the bank specializes in trade finance services including letters of credit, bank guarantees, documentary operations, and foreign exchange transactions. These services are particularly important for companies engaged in trade between Armenia and Iran. The bank provides cash and settlement services, money transfers (including international remittances), and foreign currency exchange at competitive rates.

Card services include both debit and credit cards for personal banking customers. The bank also offers acquiring services for merchants and remote banking services, allowing customers to conduct financial transactions at convenient times. Advanced banking techniques are employed in compliance with Central Bank of Armenia regulations, including SWIFT services for international payments and transfers.

In 2021, Bank Mellat began operating from its own premises, demonstrating long-term commitment to the Armenian market. The bank has also obtained international certification in information security, reflecting its commitment to protecting customer data and transactions.

Question 6

What makes Bank Mellat unique?

Accepted Answer

Bank Mellat's most distinctive feature is its role as the primary financial facilitator of Armenia-Iran trade relations, handling over 50% of all bilateral trade transactions between the two countries. This specialized focus and deep expertise in Armenia-Iran economic corridors make it an essential institution for businesses operating between these markets.

The bank's resilience through challenging circumstances distinguishes it from competitors. Despite facing international sanctions on its Iranian parent (which were later successfully challenged in European and British courts), and the suspension of foreign currency accounts after 2018, Bank Mellat Armenia continues to operate with just one dram (Armenian currency) account, demonstrating remarkable adaptability and flexible management.

The bank's philosophy emphasizes long-term customer relationships, standing by clients not only during prosperous times but also through difficult periods. This approach has fostered strong loyalty among customers engaged in economic activities in Armenia. As CEO Seyed Gholamreza Mousavi stated, the bank's core principle is that "the customer should feel the bank is by their side."

Bank Mellat successfully navigated significant challenges including the Russian crisis of 2014, currency fluctuations affecting Armenia, and increased minimum capital requirements. The bank responded by securing approximately $50 million in investment from its Iranian parent bank, raising its capital to 32 billion dram by mid-2016, exceeding the regulatory requirement of 30 billion dram.

Question 7

What type of financial institution is Bank Mellat?

Accepted Answer

Bank Mellat is a Commercial Bank operating in Armenia as a Closed Joint-Stock Company (CJSC). The bank is structured as a subsidiary of Bank Mellat of Iran, which owns 99% of the shares, with minor holdings by Bank Mellat Financial Group (0.5%) and Omid Roshan Educational and Welfare Company (0.5%).

As a commercial bank licensed by the Central Bank of Armenia, Bank Mellat provides full-service banking to both retail and corporate customers, with particular specialization in international trade finance and foreign exchange services. The bank operates under Armenian banking regulations and supervision while benefiting from the support and resources of its Iranian parent institution.

The bank's SWIFT code is BKMTAM22, enabling international connectivity and cross-border transactions. Bank Mellat functions as a bridge institution, combining local Armenian market knowledge with international banking capabilities, particularly in facilitating economic activities between Armenia and Iran.

Bank Mellat

in Armenia 🇦🇲

Crypto-Friendliness

All done!

About Bank Mellat in Armenia