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Iran's central bank extends deadline to sell shares of 5 merged lenders

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Iran's central bank extends deadline to sell shares of 5 merged lenders

Iran's central bank has extended the deadline for selling shares of five merged banks and credit institutions for 15 working days to June 13, the Financial Tribune reported.

The central bank has guaranteed that the rights of depositors, clients, employees, beneficiaries and shareholders will be protected.

The five merged banks and credit institutions — namely Ansar Bank, Bank Hekamt Iranian, Mehr Eqtesad Bank, Ghavamin Bank and Kosar Credit Institution — are set to be taken over by Bank Sepah, the Iranian central bank said in March.

The move is part of the government's plan to curb the military's role in the economy, and comes amid calls from the central bank to consolidate the banking sector that is troubled by a large overhang of toxic debt.