Financial Tribune - The process of merging five military banks and credit institutions with state-owned Bank Sepah will be complete in the current calendar month to May 20, CEO of Sepah said.

The megamerger includes Ansar Bank, Bank Hekamat Iranian, Mehr Eqtesad Bank, Ghavamin Bank, and Kosar Credit Institution.

In March 2019 the Central Bank of Iran announced the merger as part of the plan to reform the struggling banking sector and improve banking efficiency.

Officials from the CBI, Economy Ministry, General Staff of the Armed Forces, and Bank Sepah discussed the latest developments on the merging process on Saturday.

Mohammad Kazem Choqazardi, the CEO of Bank Sepah termed the long-awaited merger a “national mandate” that is in the final stage.