Iran has declared one of its largest private banks bankrupt and transferred its assets to a state-owned institution, Iranian state media reported on Saturday, in what appears to be a rare financial failure in the heavily sanctioned country.
According to the Turkish daily Türkiye Today, Ayandeh Bank collapsed under mounting debt. The bank, which was established in 2012, operated 270 branches nationwide, including 150 in Tehran. It reportedly accumulated losses of approximately $5.2 billion and had liabilities of some $2.9 billion, the ISNA news agency said.
Long lines formed outside Ayandeh branches in Tehran on Saturday as police were deployed to manage crowds, AFP reported.
Bank Melli, a state-owned lender, has assumed control of Ayandeh’s assets following a decision by the Central Bank of Iran. Officials sought to reassure depositors that their funds remained secure.
Ayandeh clients ‘have nothing to worry about’
“The transfer from Ayandeh Bank to Bank Melli has now been completed,” said bank director Abolfazl Najjarzadeh in an interview broadcast on Iranian state television. Economy Minister Ali Madanizadeh stated earlier in the week that Ayandeh clients “have nothing to worry about.”
Türkiye Today reported that the bankruptcy comes amid renewed international sanctions against Iran. In September, the United Nations reinstated a series of severe restrictions on Tehran after a prolonged diplomatic deadlock over reviving the 2015 nuclear deal.
The sanctions restored measures that had been suspended under the original 2015 agreement brokered by then-US president Barack Obama, which had offered Iran economic relief in exchange for limits on its nuclear program.
The United States had already reimposed wide-ranging sanctions after then-President Donald Trump withdrew from the deal during his first term, further isolating Iran economically and exacerbating its financial instability.