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Future Bank begins operations in Bahrain

Bahrain: Monday, January 31 - 2005 @ 14:24

“This is the first banking joint venture between Iranian and GCC partners for the past twenty years and we are breaking new ground,” said Future Bank’s CEO, Stephen Austen “Future Bank brings together, in Bahrain, the banking heritage, network and expertise of Bank Melli and Bank Saderat, the two largest and most established banks of the Islamic Republic of Iran, with the GCC’s leading banking innovator, Ahli United Bank. All three banks are endowed with a rich heritage of excellence and a track record of over 34 years of serving the needs of their customers in Bahrain,”

Future Bank, which has an aggregate asset base of over US$ 500 million and is primed to promote capital flows between Iran and various Gulf Cooperation Council (GCC) countries. The bank’s operations in Oman and Qatar are expected to be finalised by the third quarter of 2005.

“The strategy of Future Bank is to develop the business links between the GCC countries and Iran. In this context, the bank has obtained regulatory approvals to transfer the existing licences of BMI and BSI in the Sultanate of Oman and will seek the same with regard to the licence of BSI in the State of Qatar,” said Deputy CEO(Business Development), Mr Ghulam Souri. “These countries have strong historic links with Iran and, through the bank, are keen to exert their presence in this relatively untapped market.”

With a client base of Bahrain-based corporations and regional financial institutions, the bank’s key operational focuses are commercial lending, project and trade finance, retail banking and money market dealings.

“Future Bank is committed to updating a fine tradition of service in commercial banking into a contemporary context to meet the demands of not only today’s, but tomorrow’s rapidly changing electronic banking age,” said Deputy CEO (Operations), Mr Abbas Fatemi

As a prelude to establishing a domestic presence in Iran, Future Bank will also seek to open a full commercial branch in Kish Island, Iran.

“The concept of Future Bank has been warmly received in Iran, with many seeing the bank as a window on modern banking techniques and technologies,” added Mr Austen.

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Monday, January 31- 2005 @ 14:24 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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