Monetary Authority lifted the restrictions imposed on Melli Bank Plc under section 52(1)(A) of the Banking Ordinance
The Monetary Authority (MA) lifted today the restrictions imposed on Melli Bank Plc (MB) under section 52(1)(A) of the Banking Ordinance in respect of the affairs, business and property of its Hong Kong Branch (MBHK). The lifting takes immediate effect.
MB is incorporated in the United Kingdom (UK) and is a subsidiary of Bank Melli Iran (BMI). The MA imposed the restrictions on MB back in 2008, after considering the respective decisions of the Council of the European Union (EU) and the UK on 24 June 2008 to introduce financial sanctions against MB and BMI. Under the restrictions, MBHK should stop all payments and should not engage in new business including the taking of new deposits in Hong Kong except with the prior approval of the MA.
With the lifting of financial sanctions against MB and BMI by the EU and the UK earlier this year, the circumstances and considerations leading to the imposition of the restrictions no longer exist. The MA has therefore decided to lift the restrictions.