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Report: Iran merges military-affiliated banks

TEHRAN, Iran (AP) — Iran's official IRNA news agency says the Central Bank has merged four banks and a credit union to reform the country's banking system and financial markets. The Saturday report announced the merger of Ansar, Mehr-e Eghtesad, affiliated with powerful Revolutionary Guard, Ghavvamin, affiliated with the police, Hekmat-e Iranian Bank and the Kosar Credit Institute, affiliated with the defense ministry, with Bank Sepah, Iran's first bank that is also affiliated with the army.

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