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military banks

Iran merging military-linked banks to stabilize sector

DUBAI: Iran is merging four military-linked banks and another financial institution with the country’s oldest bank to boost efficiency and help stabilize the sector, the central bank said on Saturday. Many Iranian banks are under pressure because of years of poor management and economic difficulties, caused by decades of international sanctions and the re-imposition of US sanctions last year. The merger would create “a stable and more efficient single bank to provide better services to the families of the armed forces…