Turkiye revokes operating licence of Iran’s Bank Mellat in Istanbul
The Iranian lender has faced years of Western sanctions over alleged ties to Tehran's nuclear programme.
Turkiye’s banking watchdog has revoked the operating licence of Iranian lender Bank Mellat’s branch in the Turkish city of Istanbul.
“It has been decided to revoke the operating licence of Bank Mellat, Head Office in Tehran, Istanbul Turkey Central Branch,” read the decision by the Banking Regulation and Supervision Agency (BDDK), published in the Official Gazette on Saturday.
The regulator said the decision was taken under a clause of Turkiye’s banking law allowing a bank’s licence to be revoked or withdrawn if its continued operation is deemed to pose a risk to depositors’ rights or to the security and stability of the financial system.
Those sanctions were lifted as part of a landmark 2015 deal between Tehran and world powers to curb Iran’s nuclear ambitions. However, the United States unilaterally pulled out of the agreement in May 2018, reimposing economic sanctions on the country.