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Article: CBB takes control of failing banks.
- Article from:
- Gulf Weekly
- Article date:
- August 9, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CENTRAL bank of Bahrain (CBB) has taken control of Bahrain based banks, Awal Bank BSC and The International Banking Corporation (TIBC), owned by debt laden Saudi business groups Saad Group and Ahmad Hamad Algosaibi Bros and Co, and is in the process of appointing an external administrator.
In two separate statements Bahrain's top regulator said that it 'hereby provides notice that Central Bank of Bahrain has assumed the administration of Awal Bank BSC and TIBC'.
It said that this follows an investigation into both banks which have revealed a substantial short-fall of assets compared to liabilities. TIBC had assets of $3.8 billion and Awal Bank had $7.6 ...