Major Iranian Bank Declares Bankruptcy, Sparks Financial Alarm
Panic erupted across Tehran on October 25 after Ayandeh Bank, one of Iran’s largest private lenders, was officially declared bankrupt, leaving depositors in long queues amid fears of losing billions in savings.
The bank’s collapse, which has left it with more than $5.2 billion in losses, delivers a major shock to Iran’s fragile, sanctions-hit financial system, The Caspian Post reports via Iranian media.
The government quickly intervened, transferring Ayandeh’s assets, branches, and operations to the state-owned Bank…