Turkey revokes operating license of Iranian Bank Mellat

The Turkish Banking Regulation and Supervision Agency officially revoked the operating license of the Tehran-based Bank Mellat, as announced in the Official Gazette on September 19, 2026. The regulator invoked banking legislation, stating that the bank's continued operations posed a threat to the rights of depositors and the stability of the financial system.

This decision follows by two weeks the imposition of U.S. sanctions on a Turkish bank due to alleged links with the Iranian Revolutionary Guard Corps. Bank Mellat itself has long been subject to various restrictive measures from the United States, the European Union, and the United Kingdom, which cite the institution for providing financial support to the Iranian government. The Turkish authorities' move appears to be a defensive measure aimed at mitigating potential risks to their domestic banking sector amidst growing international scrutiny.