Future Bank

 

From U.S. Treasury Press Release, March 12, 2008:

"The U.S. Department of the Treasury today designated Future Bank B.S.C. for being controlled by Iran's Bank Melli, which was previously designated by the Treasury Department for facilitating Iran's proliferation activities."Bank Melli goes to extraordinary lengths to assist Iran's pursuit of a nuclear capability and ballistic missiles, while also helping other designated entities to dodge sanctions," said Stuart Levey, Under Secretary for Terrorism and Financial Intelligence (TFI)."Banks and other entities owned or controlled by Bank Melli pose a serious threat to the integrity of the international financial system."Future Bank is being designated pursuant to Executive Order 13382, an authority aimed at freezing the assets of proliferators of weapons of mass destruction (WMD) and their supporters.Bank Melli was designated by the Treasury Department under E.O. 13382 on October 25, 2007.Future Bank was established in 2004 as a joint venture between two Iranian banks, Bank Melli and Bank Saderat, and a private bank based in Bahrain.Bank Melli and Bank Saderat each hold 33.3 percent of Future Bank's outstanding shares.At the time of designation, Bank Melli and Future Bank publicly identify the same individual as chairman of both institutions.Other information available to the U.S. Government also demonstrates that Future Bank is controlled by Bank Melli."

 

From EU CD 668/2010:

"Two-thirds of Bahrain-based Future Bank are owned by Iranian state banks. EU-designated Bank Melli and Bank Saderat each own one-third of the shares, the remaining third being held by Ahli United Bank (AUB) of Bahrain. Although AUB still owns its shares of Future Bank, according to its 2007 annual report, AUB no longer exercises significant influence over the bank which is effectively controlled by its Iranian parents both of which are singled out in UNSCR 1803 as Iranian banks requiring particular “vigilance”. The tight links between Future Bank and Iran are further evidenced by the fact that the Chairman of Bank Melli has also held concurrently the position of Chairman of Future Bank"