Mehr Eqtesad Financial Institute and Samen Credit Institution will be merged into Ansar Bank. Hamshahri announced the end of the first phase disbanding illegal financial institutions by the end of the month. In the second phase, it will be decided if Kosar Credit Institution, Ghavamin Bank and Hekmat Iranian Bank will be merged with Ansar Bank. All these financial institutions belonged to the Armed Forces of I.R. of Iran.
The closure of illegal financial institutions by the Central Bank of Iran (BCI) was launched in the summer of 2017. The CBI has assigned a 200 trillion IRR (5.3 billion USD) credit line to liquidate illegal banks and credit institutions and so far 90% of this sum has been paid to depositors. The majority of depositors at Fereshtegan Financial Institution have received their deposits without profits up to 2 billion IRR (53 thousands USD) and the depositors at Alborz Iranian, Vahdat and Afzal Toos Institutes have received their deposits and 15% profits up to one billion IRR. The Central Bank has said that a quarter of total banking deposits were in illegal institutes.
