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Thursday, October 29, 2026 4:4 GMT
Germany's financial regulator BaFin said on Thursday it had revoked the license of Bank Saderat Iran's Hamburg branch and was ordering its liquidation in the wake of sanctions. It is the latest action on an Iranian bank after BaFin in September declared a German branch of the Iranian state-owned lender Bank Sepah insolvent. BaFin said it had already revoked Bank Saderat's license last year after it had violated legal requirements and did not fix shortcomings the regulator had identified. A Hamburg court appointed a liquidator for the bank last month, BaFin said. "As a result, the institution is no longer permitted to conduct banking business," BaFin said. The bank, which BaFin said had 13 employees and €62.4 million (US$70.16 million) in assets, did not immediately respond to a Reuters request for comment. - Reuters