The merging of five banks and credit institutions, affiliated with military forces, with the state bank Sepah is under development with the main tasks completed, said the bank's CEO.
Mohammad Kazem Choqazardi when speaking to reporters on Monday about the events regarding the merger proclaimed that most of the stocks of the five merged lenders have been transferred to Sepah.
As stated by media reports, 1.13 million people own shares in the merging lenders.
IRNA has reported that the signborads of five merged entities will become a single board by the end of this year (March 2020).
In March, the Central Bank of Iran formally proclaimed on its website that five banks and credit institutions, that is, Ansar Bank, Bank Hekmat Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution will merge with the state bank Sepah.