Türkiye’s Banking Regulation and Supervision Agency has revoked the operating licence of Iran’s Bank Mellat branch in Istanbul.

The decision was published in Türkiye’s Official Gazette on Saturday, September 19.

The notice named Bank Mellat’s main Istanbul branch but did not specify the reason for revoking its licence or whether the move was linked to US sanctions.

According to Reuters, regulators cited a provision of Türkiye’s banking law aimed at protecting depositors and maintaining the stability of the country’s financial system.

Under Turkish banking law, a bank’s operating licence may be revoked if its continued operation is deemed to threaten depositors’ rights or the security and stability of the financial system.

Bank Mellat had operated in Türkiye for 44 years. The revocation comes as the United States steps up efforts to restrict financial networks accused of supporting Tehran.

Earlier this month, the US Treasury Department imposed sanctions on a small Turkish investment bank and two affiliated companies.