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Enlarged Bank Sepah will cut 10% of branches following merger

Bank Sepah, the Iranian lender merging with five military-affiliated banks in the country, will reduce the number of branches of the combined entity by 10% after the merger to optimize its performance, the Financial Tribune reported, citing the lender's CEO, Mohammad Kazem Choqazardi.

The move to merge five banks and credit institutions — Ansar Bank, Bank Hekamt Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution — with state-owned Bank Sepah began in March under the central bank's plan to reform the country's banking sector, improve efficiency and "eject" banks struggling to turn a profit.