Iran unveils plans to merge 5 banks with financial entity

Iran is reportedly planning to merge four banks, along with another financial institution, with an old bank to boost the stability in the banking sector.

The Asian country’s central bank revealed that Ansar, Mehr Eqtesad, Qavamin, and Hekmat banks, in addition to Kosar credit institution, will be merged with the state-run Bank Sepah.

“The merger would create a stable and more efficient single bank to provide better services to the families of the armed forces and the general public”, the Islamic Republic News Agency (IRNA) reported, citing the central bank as saying.