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Bank Refah was founded in June 1960, in accordance with Note 39 of the previous year's Budget Law, with the aim of providing welfare and facilities in order to meet the workers' needs. Its initial investment of 400 million I.R.R. was designated by Social Security Organization. In 1979, following the bill on administration of banking affairs and nationalization of the banks, Bank Refah was considered as a commercial bank and in July 1993, it was being supported by S.S.O owning 46% shares of the bank.