EghtesadOnline: The CEO of Bank Sepah -- the state-owned lender with which five military banks are merging -- says the number of branches of merged banks will be cut by 10%.

EghtesadOnline: The plan to merge five military-affiliated banks and credit institutions has entered the next phase after majority ownership of the merging entities was transferred to state-run Bank Sepah, CEO of the bank said.

EghtesadOnline: The merger of five banks and credit institutions -- affiliated to military forces – with the state-owned Bank Sepah is in progress with the major tasks completed, CEO of the bank said.