Merging Process of Military Banks Making Progress

The plan to merge five military-affiliated banks and credit institutions has entered the next phase after majority ownership of the merging entities was transferred to state-run Bank Sepah, CEO of the bank said.   
Mohammad Kazem Choqazardi said the merging process is progressing as planned, pointing to the ownership transfer as the main phase of the major merger. 
“About 70% of the merged banks’ shares have been  transferred to Bank Sepah and the bank now owns the main portion of shares”, ISNA quoted him as saying. 
“Transferring ownership shares of merging banks to Bank Sepah was the key issue as this would enable the bank to enforce its ownership right and managerial role,” he said. 
According to media reports, people hold 1.13 million small shares of the merged lenders.