The company was established in 2005 as a part of the government's privatization of the banking system.

[4] In 2013, The Banker magazine rated BPI as among the top "1000 banks in the world", ranking 257th overall.

[6] In 2024 investigative journalism by IITV revealed the bank coordinated Iranian oil smuggling corruption through helping Iranian regime via a cover committee, its members consist of Ali Shamkhani, Yahia Alavi.

In addition to offering short and fixed deposit accounts for domestic and overseas clients, the bank also provides letters of credit, treasury, currency exchange, corporate loans syndication, financial advisory and electronic banking services.

[8] The combination of the bank's shareholders comes as follows:[9][3] shareholders also have witnessed a constant growth in their equity since the Fiscal year 2007/2008: (Numbers in Million IRR)[9][3] The bank's brand has recognized as one of top 100 Iranian brands in the 10th Industry Champions of Iran Festival and was registered in Swiss Federal Institute of Intellectual Property in 2015 and has been allowed to use ® on its logo.