#Iran's Military Steps Back From Economy With Six-Way Bank Merger - Bloomberg

Iran's Military Steps Back From Economy With Six-Way Bank Merger - Bloomberg:

Iran is combining six local banks as President Hassan Rouhani looks to curb the military’s role in the economy and bolster the country’s financial industry. 


State-run Bank Sepah will take over five lenders linked with the security forces -- Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution. This is “an important step with a view to maintaining stability and the health of the banking system,” Iran’s central bank said on its website Saturday.

With the economy under strain after the re-imposition of U.S. sanctions, the merger is a step forward for Rouhani in his efforts to reduce the security forces’ footprint. The Revolutionary Guard Corps, a powerful military organization, controls local businesses in industries ranging from energy and telecommunications to infrastructure.