Bank Sepah, Iran’s oldest state-owned bank, has taken stakes of around 70% in five banks linked to the Iranian military as part of Central Bank of Iran (CBI) banking reforms.

Iran is riven by factionalism in the various arms of the state, and the financial sector is no different. The CBI is seemingly taking advantage of the country’s highly strained economic situation to assert control of the country’s fragmented and ailing state banking sector which is badly in need of reforms. (CONTINUED - 879 WORDS)