Under a decision dated September 18, the banking regulator BDDK revoked the operating license of the Istanbul Türkiye Central Branch of Iran-based Bank Mellat, under paragraph (b) of the first clause of Article 71 of the Banking Law. The decision was published in the Official Gazette.
The decision stated that the continuation of its activities poses a danger to the rights of depositors and participation fund holders and to the confidence and stability of the financial system. The bank, which started operations in 1982 with 100 percent Iranian ownership, also has branches in Ankara and Izmir.
