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Iran’s MCC dissolves Bank Tat over violations

Iran's Money and Credit Council (MCC) has decided to dissolve local lender, Bank Tat, citing 'numerous' violations, Fars news has reported. The country's highest monetary supervising body said it annulled the lender's operation license, as the bank did not take the relevant legal steps at the time of establishment and has violated the banking laws on numerous occasions. Once fully dissolved, the bank will be merged with two other financial and credit institutes to set up a bigger bank, sources close to the MCC said, adding that the new bank will likely be called People's Bank (Bank-e Mardom). All accounts and deposits of Bank Tat will be transferred to the new entity after the merger, MCC said.