Turkey revokes Iran’s Bank Mellat license after more than four decades

According to the Arab Times Kuwait, Turkey’s Banking Regulation and Supervision Agency (BDDK) has officially revoked the operating license of the Istanbul branch of Iran’s Bank Mellat. The decision marks a significant shift in the operational status of the lender, which had maintained a presence in the Turkish market for more than four decades.

The BDDK, which oversees the stability and compliance of the Turkish financial sector, has not immediately released a detailed public statement regarding the specific regulatory triggers for this revocation. Bank Mellat, a major Iranian financial institution, has historically faced various international sanctions, which have frequently complicated its operations in foreign jurisdictions.

This development comes amid a complex geopolitical landscape involving Turkey, Iran, and broader international financial regulations. The closure of the branch is expected to impact the bank's existing commercial clients and cross-border financial transactions between the two nations. Industry analysts are currently monitoring whether this move signals a broader tightening of regulatory oversight on Iranian-linked financial entities operating within Turkey.

As of now, representatives for Bank Mellat have not issued a formal response regarding the revocation or potential plans to appeal the decision. The Turkish authorities are expected to oversee the orderly winding down of the branch's local operations to ensure compliance with national banking laws.