Bank Mellat asked Korean regulators to take the company off a list of institutions whose transactions must be approved by the central bank, said Ernst Lee, a spokesman for the Financial Services Commission in Seoul.

Korea last year put 102 Iranian organizations including Tehran-based Bank Mellat and 24 individuals on a list banning financial transactions without central bank approval.

Yonhap News earlier reported that the Iranian bank may close its Seoul branch if Korea doesn’t help it normalize operations.

The restrictions were imposed on Iranian companies in Korea to comply with international sanctions over the country’s nuclear program.

Lee said the request by Bank Mellat is being referred to the finance and foreign ministries. 

(Bloomberg)