EghtesadOnline: An unprecedented bank merger is underway in Iran since last March in which five banks and credit institutions affiliated to military organizations are being merged with the state-owned Bank Sepah.
EghtesadOnline: 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%.
EghtesadOnline: 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.
EghtesadOnline: A senior former banker says the planned merger of five banks affiliated to the armed forces with the government-owned Bank Sepah can be a step in the right direction in that it would cut costs.
EghtesadOnline: The Central Bank of Iran said Saturday that plans for merging five banks and credit institutions affiliated to armed forces with the state-owned Bank Sepah is in motion.
EghtesadOnline: Bank Sepah’s capital base has increased by 740% in the past two years, which led to the bank’s capital adequacy ratio (CAR) to hit 10.5% from a low of 2% during the sanctions, which have now been lifted, the bank’s CEO announced.
EghtesadOnline: Bank Sepah, the oldest Iranian bank, has denied reports in the local media that its Frankfurt branch has been subject to a new round of sanctions, saying foreign exchange operations of the branch remain unhindered.
EghtesadOnline: Bank Sepah, the oldest Iranian lender, has managed to lower its ratio of non-performing loans close to 10% and boost its capital adequacy ratio to over 11%, which are both better than the national average.
EghtesadOnline: During the latest auction held last week as part of the overall plan of shedding excess assets of Iranian banks mostly held in the real-estate sector, 20 properties belonging to Bank Sepah were sold, the head of the Company for Selling Banks’ Excess Assets aka Fam said.
EghtesadOnline: With the aim of promoting job creation, Bank Sepah, a major state-owned lender, has allocated 25 trillion rials ($632.9 million) to be granted as loans to projects selected by provincial task groups, announced the bank’s chief executive.