Iran’s central bank governor has announced that two commercial banks owned by a paramilitary organisation will merge with a state-owned lender.

Central Bank of Iran governor Abdolnaser Hemmati said in a statement in Farsi on May 25 that Sepah Bank would take over two other lenders – Mehr Eghtesad Bank and Hekmat Iranian Bank. Both banks are owned by the “Basij”, a militia used for internal security purposes by Iran’s Islamist regime.

The Basij are under the control of the powerful Iranian.

Source » centralbanking