4 Hrs
Source:
الاقتصادية
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Iranian bank branch in Germany closes
The Federal Financial Supervisory Authority in Germany announced that the Iranian state-owned Sad Baha Bank branch, which is one of Iran's largest public banks with longstanding ties to the military establishment, has been declared bankrupt due to imposed sanctions. The Authority pointed out that the German branch is no longer able to meet customer deposit obligations and has lost access to the European payment system because of the European sanctions on the bank. A bankruptcy manager has been appointed by the Frankfurt court; however, the Authority clarified that the bank's assets do not pose a threat to financial stability, as they amount to only 50 million euros and are held by just 11 individuals.
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