Business And Markets

Iran: Merged Banks Offer Shares Today

Bank Sepah Headquarters in TehranBank Sepah Headquarters in Tehran

As part of the process of merging five banks and credit institutions affiliated to the armed forces with Bank Sepah, the shares of the lenders are sold on Sunday.  
The share offer will last for 30 days to end on May 7.  Each merged bank will offer its shares at different prices, state TV reported. 
Central Bank of Iran officially announced on its website on March 2 that five military-associated banks and credit institutions, namely Ansar Bank, Bank Hekamat Iranian, Mehr Eqtesad Bank, Ghavamin Bank, and Kosar Credit Institution are to be merged into the state-owned Bank Sepah. 
Bank Hekmat Iranian set the price of shares owned by natural entities at 1,000 rials each equivalent to their nominal price. The price for shares owned by legal entities is set at 788 rials equivalent to their nominal price. There is no time limit for purchasing the shares of the mentioned banks. 


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