LONDON, April 8 (Reuters) - The Bank of England has fined QIB (UK), a subsidiary of Qatar Islamic Bank , for failings in reporting its financial resources to the regulator in 2011 and 2012.
The Bank's Prudential Regulatory Authority (PRA) imposed a fine of 1.385 million pounds ($1.95 million) on QIB for failing to undertake a regular assessment of its capital, the BoE said in a statement on Friday
Guy Priestley, QIB UK's interim chief executive, said the problems identified by the PRA have been remedied.
Advertisement"We now have a UK operation that is recognised for its quality of service, is fully compliant, profitable and, most importantly, is well-capitalised with a very strong risk-control framework to protect the interests of all stakeholders," Priestley said. ($1 = 0.7096 pounds)
(Reporting by Andy Bruce in London and Tom Finn in Doha; Editing by David Milliken and David Goodman) ((firstname.lastname@example.org; +442075423484; Reuters Messaging: email@example.com))
Keywords: BRITAIN BANKS/QIB
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