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Bahrain Seizes Iranian Bank, Insurer

Bahrain Seizes Iranian Bank, Insurer Bahrain Seizes Iranian Bank, Insurer

The Central Bank of Bahrain (CBB) placed two Iranian financial institutions into administration as of April 30, according to Bahrain’s media. No explanation, however, has been provided for the decision. The targeted Iranian enterprises are the Ayandeh (Future) Bank and the Iran Insurance Company.  The CBB announced in a statement that it will assume the role of the administrators of the two “to safeguard and protect the rights of depositors and policyholders,” reported the Bahrain Mirror on its website.The decision has been based on the Central Bank of Bahrain and Financial Institutions Law (Decree No. 64 of 2006), the report added. The bank further emphasized that it wishes “to reassure both the local and International financial community that this measure is an isolated incident and will not impact any other bank or insurance company”.

Financialtribune.com