After accumulating around $8 billion worth of losses and debt, Iran’s Ayandeh Bank has been dissolved, with customer assets absorbed by the state-owned Bank Melli.
One of Iran’s largest private banks has fallen into bankruptcy, with the assets of more than 42 million customers being absorbed by the Iranian state-owned lender, Bank Melli.
Ayandeh Bank declared bankruptcy on Thursday after it accumulated $5.1 billion in losses and nearly $3 billion in debt, local media outlet Iran International reported on Friday.
The bankruptcy was declared days after the Central Bank of Iran failed to rescue the bank, leaving officials with no option but to close it, which had operated 270 branches nationwide.
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