PHOTO
By Stanley Carvalho
ABU DHABI, Jan 25 (Reuters) - Bahrain has not yet made a decision about the fate of an Iranian-owned bank based in the Gulf state under administration, a senior Bahraini central bank official told Reuters on Monday.
The central bank in May put Future Bank and Iran Insurance Co - the Bahrain branch of an Iranian insurer - under administration to "protect the rights of depositors and policyholders". It did not elaborate on its reasons.
The move demonstrated the vulnerability of Iran's business interests in the Gulf at a time of heightened political tensions.
Asked if the regulator had decided on the bank's future, Ebtisam al-Arrayed, head of regulatory policy at the central bank, said Future Bank was still under administration.
"No decision (has been) taken yet," said Arrayed on the sidelines of a conference, adding there was no timeline for any decision.
(Writing by Tom Arnold; Editing by Mark Potter) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
ABU DHABI, Jan 25 (Reuters) - Bahrain has not yet made a decision about the fate of an Iranian-owned bank based in the Gulf state under administration, a senior Bahraini central bank official told Reuters on Monday.
The central bank in May put Future Bank and Iran Insurance Co - the Bahrain branch of an Iranian insurer - under administration to "protect the rights of depositors and policyholders". It did not elaborate on its reasons.
The move demonstrated the vulnerability of Iran's business interests in the Gulf at a time of heightened political tensions.
Asked if the regulator had decided on the bank's future, Ebtisam al-Arrayed, head of regulatory policy at the central bank, said Future Bank was still under administration.
"No decision (has been) taken yet," said Arrayed on the sidelines of a conference, adding there was no timeline for any decision.
(Writing by Tom Arnold; Editing by Mark Potter) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
