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Major Consolidation to Create Stronger Banks

The planned merger and acquisition would be a watershed event in reducing the influence of shadow banks and making the Iranian banking system more efficient
Ghavamin, Hekmat Iranian and Kowsar are among banks and credit institutions to be merged  in the next fiscal year (starting March 21).  Ghavamin, Hekmat Iranian and Kowsar are among banks and credit institutions to be merged  in the next fiscal year (starting March 21).

A new wave of mergers and acquisitions in Iran’s banking industry is aimed at creating bigger, stronger and more efficient banks, a top official at the Central Bank off Iran said.  
Farshad Heydari, the bank’s deputy for supervision, announced that three financial institutions, namely Hekmat Iranian, Ghavamin and Kowsar, are next in line to be merged in the next fiscal year (starting March 21).
He also talked about the vision of merging the two newly-created banks into a major efficient bank, CBI’s official website reported.   
According to the official, one phase of the initiative has been completed through which two unlicensed banks and credit institutions, namely Mehr Eqtesad and Samen, will be acquired by Ansar Bank.

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