Turkey Revokes 44-Year Operating License of Iran's Bank Mellat in Istanbul

Turkey's Banking Regulation and Supervision Agency (BDDK) revoked the operating license of the Istanbul main branch of Iran's Bank Mellat, ending 44 years of operation since 1982, in a decision published in the Official Gazette on September 19 without a public announcement citing US sanctions. The regulator invoked a banking-law clause permitting revocation when continued operation threatens depositor rights or financial-system stability; the move follows expanding US pressure on financial hubs seen as enabling Iranian state trade, and Bank Mellat has long faced US, EU and UK sanctions over alleged links to Iran's nuclear and missile programs.