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EghtesadOnline: A member of Majlis Economic Commission has cautioned against the hasty merger of banks, stressing that this alone cannot solve the problems of the sector.

“A hurried merger of banks is not beneficial for the country’s economy,” Seyyed Taqi Kabiri was also quoted as saying by ICANA, the official news website of the parliament. Emphasizing the Central Bank of Iran’s role in proper management and close monitoring of banks, Kabiri noted that “unified centralized management is necessary” due to the large number of bank branches in the country. The Central Bank of Iran has considered merger as a solution for low-profit banks, but according to Abbas Kamarei, the director of CBI’s Office for Supervising Banks and Credit Institutions, the initiative will be pursued only when other options fail to solve the problem, according to Financial Tribune.

Iran parliament Iran bank mergers Taqi Kabiri