Two banks owned by Iran’s armed forces, Mehr Eghtesad Bank and Hekmat Iranian Bank, will be merged into Sepah Bank. Mehr Eghtesad Bank was established in 1993 as Basijian Fund to provide banking services to Basiji paramilitary force members. It had an accumulated lost in 2018 of $106 million. Three other banks owned by the Iranian police will be merged with Sepah in the future, including Ghavvamin, Ansar, and the Samen Institute of the Islamic Revolution Guards Corps. Bank Sepah has been sanctioned by the United States for providing commercial and financial support to Iran's missile program.