Tehran, Iran, July 8
Trend:
“The Central Bank of Iran (CBI) plans to integrate military banks into Sepah Bank; the deal is progressing and the name of bank branches will be changed after further discussions,” said the bank official, Trend reported citing Mehr News Agency.
The official emphasized that the procedure will be under complete supervision of the CBI governor to avoid any interruption in the customer services. "The shareholders and investors will not face any problem, as the integration will be monitored by the Central Bank of Iran till the very end, therefore there is no concern," he added.
Iran's Military banks and financial institutes will be integrated into Sepah Bank to increase the banking stability and centralize their capacities and services. The banks include Ansar Bank, Qavamin Bank, Hekmat Iranian Bank, Mehr Eghtesad Bank and Kowsar Credit Institute, which have 25 million saving accounts worth $50.9 billion.
The Money and Credit Council and heads of three powers in Iran have approved the integration plan that will be implemented after extensive expert studies on reform of the banking system. About 2,500 military bank branches will be integrated into 1,600 branches of Sepah Bank. The banking advances will be under CBI supervision, while the process of opening saving accounts continues.
...