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Bank Mellat eyes Asia Insurance stake sale

Bank Mellat (PJSC) is planning to divest its 20% stake in Asia Insurance Co. as part of its plans to get rid of excess assets, the Financial Tribune reported Dec. 18.

Over the eight months to November, the lender off-loaded 350 extra properties and projects, Mellat CEO Mohammad Bigdeli told the Iranian newspaper. The moves are in line with government directives for banks to focus more tightly on their core roles, the report noted.