BAKU, Azerbaijan, October 23. The Central Bank of Iran (CBI) revoked the license of Ayandeh Bank on October 23, Trend reports, citing the regulator.
The Central Bank stated that its High Council, acting under the authority of the country’s management leaders, decided to cancel the bank’s license. The decision was driven by Ayandeh Bank’s financial instability, including losses of 5.5 quadrillion rials (about $9.8 billion), overdrafts of 3.13 quadrillion rials (about $5.57 billion), and a negative 600 percent capital adequacy ratio.
“All deposits of Ayande Bank will be transferred to Melli Bank, and depositors can access their funds at the rebranded branches from October 25. All employees of Ayande Bank may continue working as staff of Melli Bank if they wish,” the Central Bank added.
Ayandeh Bank, established in 2002, operates 276 branches, employs around 3,900 staff, and serves nearly 3 million customers.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel