Iranian Banks Shutter Branches to Cut Costs

Banks owned by the government sold 280 trillion rials ($1.2 billion) in assets since January 2018, the Ministry of Economy said in a report. 
Lenders sold nonfinancial assets worth 130 trillion rials ($565 million) in the last fiscal year (March 2019-20) to cut costs, according the report posted on the ministry’s news portal shada.ir.
State-owned lenders sold 135 trillion rials ($586m) in assets from the beginning of President Hassan Rouhani's first term in 2013 up until January 2018.
Lenders are under mounting pressure to end their controversial non-banking activities by getting rid of expensive real estate and surplus holdings. Officials estimate nonfinancial assets of banks to be worth 1,000 trillion rials ($4.3b). 
The assets have piled up mainly due to impaired loans, bad debts, settlement of government debts to banks, closure of branches and failed investments.