Germany’s financial regulator BaFin said on Thursday that Bank Saderat Iran’s Hamburg branch had lost its banking license and must be wound up. The branch, which operated in Hamburg and Frankfurt, is no longer allowed to conduct banking business.
BaFin revoked the license on November 5, 2025, citing persistent legal violations that the bank had failed to remedy. A 2023 special audit found serious shortcomings in its business organization, and the bank had been inactive for more than six months.
BaFin also cited sanctions against the institution, saying German banking law therefore presumes its managers to be unreliable, regardless of whether they personally engaged in misconduct.
BaFin orders branch wound up
BaFin ordered the wind-down on June 11, 2026. The liquidation order became final on July 15, according to the regulator. The bank later withdrew legal action against the measure on September 23, and a Hamburg court appointed Berlin-based FUW Treuhand Project Management GmbH as liquidator on September 30.
The withdrawal of the banking license had already become final on December 8, 2025.
The bank mainly handled and financed Iran-related exports, including payment services, letters of credit, lending, guarantees and investments. It had 13 employees and assets of €62.4 million at the end of 2025. Customer deposits total about €200,000.
Deposits remain subject to sanctions restrictions
BaFin said there is currently no deposit compensation event, meaning Germany’s deposit guarantee system has not been triggered. Access to funds is restricted under EU sanctions, however, and the liquidator can make payments only with authorization from the Bundesbank’s Financial Sanctions Service Center.
BaFin said the existing deposits would instead be dealt with as part of the liquidation of the branch.
Iranian banks remain under scrutiny in Germany
The decision comes as Iranian banks operating in Germany face heightened scrutiny under renewed EU sanctions and increased US pressure on Tehran’s overseas financial network.
Bank Melli Iran’s Hamburg branch remains open despite being covered by EU sanctions, Germany’s Foreign Ministry told Iran International in August.
The ministry said at the time that the sanctions applied to Bank Melli and its German branch, but did not say whether Berlin was considering closing the operation.
The issue gained attention after US Treasury Secretary Scott Bessent launched “Operation Economic Outcast” and called for every Bank Melli branch abroad to be shut. Germany said it remained in contact with Washington and other partners over further measures against Iran but gave no indication that a decision had been made on Bank Melli’s Hamburg branch.
Bank Melli and Bank Saderat are separate institutions, and BaFin’s action against Bank Saderat was based on German banking-law requirements as well as the sanctions applying to the bank.
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