German regulator revokes license of Bank Saderat Iran in Hamburg

FRANKFURT, Oct 22 (Reuters) - Germany's financial regulator BaFin said on Thursday it had revoked the license of Bank Saderat Iran's Hamburg branch and was ordering its liquidation in the wake of sanctions.

• It is the latest action on an Iranian bank after BaFin in September declared a German branch of the Iranian state-owned lender Bank Sepah insolvent.

• BaFin said it had already revoked Bank Saderat's license last year after it had violated legal requirements and did not fix shortcomings the regulator had identified.

• A Hamburg court appointed a liquidator for the bank last month, BaFin said.

• "As a result, the institution is no longer permitted to conduct banking business," BaFin said.

• The bank, which BaFin said had 13 employees and €62.4 million ($70.16 million) in assets, did not immediately respond to a Reuters request for comment.

($1 = 0.8894 euros)

(Reporting by Tom SimsEditing by Linda Pasquini and Emanuele Berro)