Germany cancels the license of the "Bank Export Iran" branch in Hamburg and orders its liquidation

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Today, Thursday, the German Financial Supervision Authority announced the cancellation of the license of the Iran Export Bank branch in Hamburg, and ordered its liquidation, in the latest measure targeting Iranian banking institutions in the wake of the imposition of sanctions.

The authority said that it canceled the bank’s license last year, due to its violation of legal requirements and failure to address the deficiencies it observed in its activities.

She added that a court in Hamburg appointed an official to liquidate the bank last month, noting that the institution was no longer allowed to engage in banking business, according to Reuters.

The decision comes after the German Financial Supervision Authority announced last September the bankruptcy of the state-owned Iranian Bank Sepah branch in Germany, in another step within the measures taken against Iranian banks.

The authority stated that the Iran Export Bank branch in Hamburg includes 13 employees, and the value of its assets amounts to 62.4 million euros ($70.16 million).

The bank did not respond to a request from Reuters to comment on the decision.