The Monetary Authority of Hong Kong on Friday lifted the restrictions imposed on Melli Bank Plc (MB) in respect of the affairs, business and property of its Hong Kong Branch (MBHK). MB is incorporated in the United Kingdom (UK) and is a subsidiary of Bank Melli Iran (BMI). Hong Kong imposed the restrictions on MB back in 2008, after considering the respective decisions of the Council of the European Union and the UK to introduce financial sanctions against MB and BMI. With the lifting of financial sanctions against MB and BMI by the EU and the UK earlier this year, the circumstances and considerations leading to the imposition of the restrictions no longer exist. Under the restrictions, MBHK was barred from engaging in new business including the taking of new deposits in Hong Kong except with the prior approval of the country’s Monetary Authority.
