Aljazeera Photo

Source: Aljazeera News

DST News: Authorities have merged one of Iran’s largest private banks with the country’s biggest state-owned bank — a decision that underscores the nation’s deeply troubled economy and is likely to place even greater strain on ordinary citizens as Western pressure intensifies.

On Thursday, the central bank announced that Ayandeh Bank, which was privately owned by one of Iran’s wealthiest families, would be dissolved and merged into Bank Melli, the government-run national bank. It also said that all Ayandeh Bank branches across the country would be converted into Bank Melli branches by Sunday.