Serhat TUNAR -TDO- The Central Bank of Iran announced that the Revolutionary Guards Army and four banks belonging to the armed forces and a credit institution will be merged with Bank Sepah.

The Iranian Central Bank announced in their statement that four banks belonging to the Army of the Revolutionary Guards and the armed forces and a financial institution will gather under a single roof in order to regulate the banking system in the country.

In line with the decision of the High Economic Coordination Council, the Ensar Bank under the Revolutionary Guard Army, the Bank Kavvamin affiliated to the Police Force and the banks and institutions affiliated to the Defense Ministry will be joined by Bank Sepah, the country's oldest bank.

Iranian President Hassan Rouhani announced during the visit of the Central Bank last week that the banks affiliated with the armed forces will convene under a single roof.

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