Bahrain's central bank has taken control of banks belonging to two Saudi groups, it said on Thursday, the latest escalation in one of the largest financial scandals the region has seen.
The central bank said it has assumed control of Awal Bank, owned by Saudi group Saad and The International Banking Corporation (TIBC), owned by Ahmad Hamad Al-Gosaibi and Brothers (AHAB).
TIBC had assets of $3.8 billion and Awal Bank had $7.6 billion at year-end.
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