Bank Sepah Sells 17% Share in Investment Co

State-owned Bank Sepah has sold 17% of its shares in Omid Investment Management Group, the bank’s investment arm, in the stock market. 
The move comes after the Central Bank of Iran called on lenders to sell their shares in businesses unrelated to their mandate i.e. providing services to customers.
According to Sepah’s CEO, Ayatollah Ebrahimi, the bank will uphold regulatory requirements and end its non-banking operations – controversial practices for which most banks have come under strong criticism over the years.