German Regulator Confirms Licence Revocation and Liquidation of Bank Saderat Iran’s Hamburg Branch
Germany’s financial regulator BaFin confirmed on Thursday that Bank Saderat Iran’s Hamburg branch had lost its banking licence and was being liquidated following sanctions, leaving it barred from conducting banking business.
BaFin said it had revoked the branch’s licence last year after the bank breached legal requirements and failed to address shortcomings identified by the regulator. A Hamburg court appointed a liquidator last month.
The move follows BaFin’s declaration in September that a German branch of Iran’s state-owned Bank Sepah was insolvent.
According to BaFin, Bank Saderat Iran’s Hamburg branch had 13 employees and assets totalling €62.4 million ($70.16 million).
The bank did not immediately respond to a Reuters request for comment.
