Merged banks will have 10% less branches

Financial Tribune – The CEO of Bank Sepah — the state-owned lender with which five military banks are merging — says the number of branches of merged banks will be cut by 10%.

Considering the number of Bank Sepah branches after the merger, Mohammad Kazem Choqazardi referred to programs to optimize the bank’s performance by downsizing.

The move to merge five banks and credit institutions — affiliated to military organizations – with Sepah started in March, as part of the Central Bank of Iran’s broader plan to reform the dysfunctional banking sector, improve efficiency and eject loss-making banks.

The merged entities include Ansar Bank, Bank Hekmat Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution.