Turkey has revoked the operating license of Iran’s Bank Mellat following pressure stemming from US sanctions against Tehran, ending the bank’s 44-year operation in the country.
Al Jazeera reported early Saturday, September 19, that the decision was made by the Banking Regulation and Supervision Agency of Turkey.
According to the report, the decision cited regulations allowing a bank’s license to be revoked if its continued operations could endanger depositors’ rights or the stability of the financial system.
This comes as Bank Mellat remains on the US Treasury Department’s sanctions list, which applies to all branches of the bank worldwide.
