First Military Bank Merges With Sepah

Bank Hekmat Iranian, a private lender affiliated to the  Army, officially merged with the state-owned Bank Sepah following an extraordinary meeting on Saturday. 
"Bank Hekmat Iranian is now the first of five military-affiliated banks to merge with Bank Sepah," the CEO of Bank Sepah Mohammad Kazem Choghazardi said.
"As of June 1 all branches of Bank Hekmat Iranian will operate under the name of Bank Sepah."