Economy, Business And Markets

Bahrain to Close Iran Bank

Bahrain to Close Iran BankBahrain to Close Iran Bank

Bahrain’s central bank said Tuesday it has decided to close down the Iran-owned Future Bank based in the tiny Persian Gulf state. On Monday, Ebtisam al-Arrayed, head of regulatory policy at the central bank, told Reuters that the regulator had yet to make a decision about Future Bank after placing it under its administration last year, along with the Iran Insurance Co - a Bahrain branch of an Iranian insurer. At that time the regulator said the moves were to “protect the rights of depositors and policyholders”. Calls to the two companies offices’ in Manama on Tuesday were not answered. Future Bank is a commercial bank which was founded as a joint venture between two Iranian banks - Bank Saderat and Bank Melli - and Bahrain’s Ahli United Bank, according to its website.