Central bank revokes Bank Saderat Iran's licence to operate in Lebanon

Banque du Liban has cancelled the local licence of Bank Saderat Iran, Governor Karim Souaid told Bloomberg, as reported by Naharnet.

The Iranian lender had a narrow role in Lebanon, handling certain transfers rather than retail banking, and was already cut off from SWIFT and major correspondent networks because of sanctions. Souaid said the decision was meant to "send a clear signal to the outside world" that Lebanon will protect its banking sector.

The step comes as Lebanon works to restore international trust in its banks, following parliament's recent amendments to the bank resolution law, which the IMF welcomed.