Bank Merger Okayed

The Securities and Exchange High Council, the highest capital market decision-making body, has issued the permit for selling the shares of five soon-to-be-merged banks in the after-hours trading, the chief of Securities and Exchange Organization said. 
According to Shapoor Mohammadi, the shares are to be sold at the maximum nominal price or at prices quoted at the time their symbols were frozen - whichever is higher- emphasizing that the SEO endeavors to protect the rights of shareholders. 
Shareholders can either sell their shares to other entities or await reports from judicial assessors on the loss or profit accounts of the merging banks, he said.