UK considers allowing Iranian banks to resume business in London
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LONDON - British regulators are considering whether to allow two Iranian banks in London to resume operations after years of sanctions, two sources familiar with the matter said.
Melli Bank and Persia International Bank will only be able to operate in the UK once they have met Bank of England criteria for financial firms, the sources told Reuters on Monday.
Melli Bank and Persia International have been in talks with the regulator and the Treasury about restarting operations in Britain for months and have been placed in the New Bank Start-Up unit, unveiled last week by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority (PRA) to help new banks enter the market, the sources said.
The Iranian banks are now working with regulators to get up to speed with new regulation such as capital requirements, risk management and governance, before restarting operations.
