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British Regulators Mull Return Of Iranian Banks To London

British regulators are considering whether to allow two Iranian banks in London to resume operations after years of sanctions.

Melli Bank and Persia International Bank will only be able to operate in the United Kingdom once they have met Bank of England criteria for financial firms.

Tehran’s nuclear deal with world powers, implemented in early January, removed European Union sanctions on Iranian banks.

That could mean the return to Britain of Iranian banks, which less than 10 years ago boasted surging profits and growing European ties.

Iran is set to reengage with the banking world within weeks as international lenders link up with Iranian banks using a global transaction network known as SWIFT.

Melli Bank and Persia International have been in talks with UK regulators and the Treasury about restarting operations in Britain for months.

Based on reporting by Reuters, AP, and AFP