Central Bank of Iran confirmed in an official statement the takeover of the insolvent Mizan Credit Institution by Bank Saderat, according to akhbarbank.com. The private lender has vowed to reimburse depositors, customers and employees of the now-defunct company. Founded in 2001 in the northeastern city of Mashhad, the former quasi-lender owes 2.5 trillion rials ($83.5 million) to customers and has over 2 trillion rials ($66.7 million) in bad loans.
