Germany's Federal Financial Supervisory Authority (BaFin) confirmed on Thursday that the Hamburg branch of Bank Saderat Iran has had its licence revoked and is being liquidated following the sanctions imposed on it, barring it from continuing to conduct banking business.

According to the regulator, the licence was revoked last year after the bank breached legal requirements and failed to remedy shortcomings identified by the supervisor. A Hamburg court appointed a liquidator for the bank last month.

The move follows the regulator's declaration in September that a German branch of Iran's state-owned Bank Sepah was insolvent, part of a series of supervisory actions concerning Iranian banks operating in Germany.

The Bank Saderat Iran branch has 13 employees and assets of about EUR 62.4 million, equivalent to USD 70.16 million, according to the regulator's data.

The bank did not immediately respond to a Reuters request for comment.