Major Consolidation to Create Stronger Banks

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.