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Bahrain to shut down Iran bank

Bahraini regulator has decided to close down Iranian-owned Future Bank’s functioning in the country. The central bank said it is taking steps to shut down Manama-based Future Bank, a joint venture between Iranian Bank Saderat and Bank Melli and Bahrain’s Ahli United Bank. The move comes in line with the country’s decision to cut diplomatic ties with Iran in deference to Saudi Arabia which it regards as a patron, according to a news report. Last year, the Bahraini regulator put Future Bank under its administration along with Iran Insurance Company saying the move is to protect the rights of depositors and policyholders. Bahrain’s central bank has not given any reasons for its decision to close Future Bank, while the fate of the Bahraini branch of the Iranian insurer also remains in balance. Future Bank’s assets stood at 569.4 million dinars ($1.51 billion) at the end of September 2015.

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