Turkiye revokes operating licence of Iran’s Bank Mellat in Istanbul
Summary
Turkey’s banking authority has canceled the operating license of Bank Mellat’s branch in Istanbul. The decision was made to protect depositors and maintain the stability of Turkey’s financial system.Key Facts
- Turkey’s Banking Regulation and Supervision Agency (BDDK) revoked Bank Mellat’s Istanbul branch license.
- The decision was published in Turkey’s Official Gazette.
- The agency acted under a law that allows license revocation if the bank’s operations threaten depositors or financial stability.
- Bank Mellat is an Iranian bank that has faced Western sanctions over Iran’s nuclear activities.
- Sanctions were lifted in 2015 but the US reimposed them in 2018 after leaving the nuclear deal.
- In 2019, Bank Mellat faced more sanctions after being linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).
- The Turkish regulator did not mention US sanctions or give specific reasons for the license revocation.
- Recently, the US sanctioned a Turkish bank for helping Iran’s military group move money internationally.
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