Iranian central bank announces takeover of militia-owned banks

The Central Bank of Iran
The Central Bank of Iran
Ensie & Matthias/Flickr

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

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