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.
Bank Sepah has 1800 branches in Iran and others in Britain, France, Germany and Italy.
The United States imposed sanctions on Bank Sepah in November after it withdrew from Iran's 2015 nuclear deal with world powers.