Military Banks Merger in Progress

The merger of five banks and credit institutions -- affiliated to military forces – with the state-owned Bank Sepah is in progress with the major tasks completed,  CEO of the bank said. 
Speaking to reporters on Monday about developments related to the merger, Mohammad Kazem Choqazardi said most of the shares of the five merging lenders have been transferred to Sepah.
According to media reports, 1.13 million people hold shares in the merging lenders. 
The signboards of five merging entities will become a single board by the end of the this calendar year (March 2020), IRNA reported. 
Central Bank of Iran in March officially announced on its website that five banks and credit institutions, namely Ansar Bank, Bank Hekmat Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution will merge with the state-owned Bank Sepah.