CBI: Merger of Banks to Complete in Dec.

Date: 09 October 2019 - 21:45

News ID: ۷۱۵۳۴

TEHRAN (Press TV) -- Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said on Wednesday the much-anticipated merger of military-linked banks will complete around late December.
The central bank first announced in March its plan to merge four military-lined banks and another financial institution with Bank Sepah to boost efficiency in the face of U.S. sanctions. "The majority of their shares have been overtaken by Bank Sepah and a small portion which remains is being processed,” Hemmati said.