Iranian Private Bank Goes Bankrupt, Impacting 42 Million Customers

A major Iranian private bank has collapsed into bankruptcy, with the assets of over 42 million customers being transferred to the state-owned lender, Bank Melli. Ayandeh Bank declared insolvency on Thursday after accumulating $5.1 billion in losses and nearly $3 billion in debt. This follows days of failed attempts by the Central Bank of Iran to rescue the bank. The closure leaves 270 branches nationwide unable to serve customers.