Friday 31 July 2009

Bahrain central bank intervenes in dispute

Bahrain’s central bank said on Thursday it had taken control of the Bahrain-based banks owned by two prominent Saudi companies that are locked in a bitter dispute as they struggle with financial difficulties.

The central bank said it had assumed the administration of The International Banking Corporation, which is owned by Ahmad Hamad Algosaibi and Brothers (Ahab), and Awal Bank, which is part of Saad Group.

The problems with the two groups first surfaced when TIBC defaulted in May because Ahab was planning a group-wide debt restructuring.

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