Bank Megamerger in Final Stage

A megamerger involving five military-affiliated banks and credit institutions will be finalized in a month, the governor of the Central Bank of Iran said. 
Ansar Bank, Bank Hekamat Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution are in the process of merging with the state-owned Bank Sepah. 
Two of the banks have completed the process and are now officially operating under Bank Sepah. In a note posted on his social media account, Abdolnasser Hemmati outlined the outcome of a meeting headed by First Vice President Eshaq Jahangiri on Tuesday, saying that the three remaining banks will hold their last general assembly “in a month to finalize the merger”.