Baku, Azerbaijan, March 3
By Elnur Baghishov – Trend:
Armed forces-linked banks will merge with Sepah Bank in Iran, Trend reports referring to the Iranian Central Bank's website.
The measure is taken as a result of the previous decisions made by the Money and Credit Council - a major monetary decision-making body - and the Supreme Council of Economic Coordination – a body comprising heads of three branches of government.
Iran’s Ansar Bank, Bank Hekamt Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution will act as a single bank in the form of Sepah Bank.
1. The abovementioned banks and financial institutions to continue to render banking services to all customers under Sepah Bank's control.
2. All rights of the shareholders will be protected.
3. All employees of banks and financial institutions will continue their activity.
The merger process is considered to be an important step towards maintaining the stability of the Iranian banking system.