Tehran, Iran, Jun. 24
Some $15.5 billion of Iran's budget has been allocated for bartering the government debts to banks, Iran`s Deputy Minister of Banking, Insurance and State Enterprises of Ministry of Economic Affairs Abbas Memarnejad said.
“The merger of banks in a single ank to reform the banking system of the country is a very important issue and the first experience at this level," Memarnejhad said, referring to the merger of IRGC`s banks with Sepah Bank, Trend reports, citing the official website of Sepah Bank.
“There is a huge balance sheet with large assets and liabilities in the merger of banks, he said. “Therefore, the basis for valuations is based on the rules and regulations.”
“Knowledge management, which takes shape during the merger, needs to be documented in order to use this experience in the future,” he added.
The Central bank of Iran (CBI) announced on March 2 that five banks and financial institutions affiliated with the Iranian Armed Forces will be merged into Bank Sepah.