Financial Tribune - The government will launch one of its biggest schemes to divest banks� non-financial assets in the coming week, a deputy minister of economy said.

The divestiture is related to non-financial assets of state-owned Bank Sepah, according to Abbas Memarnejad, the deputy economy minister for banking, insurance, and state-owned companies' affairs.

Bank Sepah plans to offer its remaining stakes in the Omid Investment Group, the bank�s investment arm in the stock market. �The divesture will be in several phases,� Memardnejad was quoted as saying by ISNA.

He refused to elaborate but noted that the company�s estimated value is 700 trillion rials ($4 billion) and Sepah plans to cede 18% of its stake in the first phase.