Mizan credit institution has been merged with Bank Saderat, according to Hamid Tehranfar, deputy governor for supervision in the central Bank of Iran (CBI).
Citing the official, Bourse Press said the institution’s customers do not need to be worried about their deposits any more. The institution, which officials said was unauthorized, has long been waiting to be merged by another financial entity.
Auditors of the central bank are now examining the deposits held by the Mizan institution. The deposits are to be either repaid or transferred to Bank Saderat if customers agree.
Mizan is accused by the regulator of violating monetary regulations. It was first supposed to be merged by Ayandeh, the only commercial bank excluded from the CBI’s list of authorized banks and financial institutions.
Ayandeh Bank was announced authorized earlier this week. It was merged with two other credit institutions – Ati and Salehin.
The central bank has in recent months pressed financial institutions to abide by rules and regulations. Experts believe the banking system was operating loosely during the previous administration, with many of them involved in non-banking activities to make more profit.
