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The British banking officials have granted the Bank Melli Iran with a permission to resume the activity of its subsidiary in the UK, a senior official said.

Abdolnaser Hemmati, the head of bank Melli Iran, has said that the subsidiary is authorized to resume its activity in London as British regulators have issued the required permission, IRNA news agency reported

He further added that the Bank has 17 branches abroad which experienced restrictions due to international sanctions over the past several years; however the restrictions will be gradually removed as sanctions have already been lifted.

As part of measures taken in a bid to intensify the sanctions on Tehran due to its nuclear program, Iran’s banking system experienced several restrictions that had a catastrophic impact on Iran’s economy.

EU High Representative Federica Mogherini and Iran’s Foreign Minister Mohammad Javad Zarif announced the implementation of Iran’s nuclear deal with the P5+1, and the removal of economic sanctions on the Islamic Republic on January 16.

The statement said the EU confirms that the legal framework, providing for lifting of its nuclear-related economic and financial sanctions, is effective.

Melli Bank plc is a UK incorporated bank, licensed and authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and conforms to all UK accounting standards and disclosure requirements. It is a wholly owned subsidiary of Bank Melli Iran which had a presence in London since 1967.

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