18 Jul 2024
Tuesday 26 May 2020 - 17:40
Story Code : 376525

Merger of 2 military banks finalized

Financial Tribune - The process of merging two of five military banks and credit institutions with the state-owned Bank Sepah will be complete early next month, governor of the Central Bank of Iran said.

"Bank Hekmat Iranian and Mehr Eqtesad Bank are to hold a board meeting to finalize the merger in the next few days," Abdolnasser Hemmati said an In a note posted on his Instagram account on Sunday.

The remaining three banks will follow gradually.

In March 2019 the Central Bank of Iran announced the merger as part of a plan to reform the struggling banking sector and improve banking efficiency. The megamerger includes Ansar Bank, Bank Hekamat Iranian, Mehr Eqtesad Bank, Ghavamin Bank, and Kosar Credit Institution.
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