Turkey revokes Mellat Bank license
The Turkish Banking Regulation and Supervision Agency decided to revoke the license of the Iranian Mellat Bank branch in Istanbul, based on Turkish banking law that allows the cancellation of a bank's license if it is deemed a threat to the security of the financial system or the rights of depositors. The decision was made during a Board of Directors meeting held on September 18 and published in the Turkish Official Gazette on September 19. Reports did not mention any other reasons such as U.S. pressures or operational issues.
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