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Future Bank launched

Bahrain: Tuesday, October 19 - 2004 @ 13:29

The Bank has been licensed by the Bahrain Monetary Agency as a Full Commercial Banking unit with an Offshore Banking Unit branch in the Kingdom of Bahrain.

Future Bank is an equal joint venture between Ahli United Bank BSC, Bank Melli Iran (BMI) and Bank Saderat Iran (BSI) with an authorised capital of $200million and an initial paid-up capital of $99mllion. The Bank has secured BMA approval to acquire the Bahrain operations of BMI and BSI in the Kingdom of Bahrain, comprising of three branches and an offshore banking unit.

The Chairman of the Bank, Dr. Valiallah Seif said: “The strategy of Future Bank is to develop the business links between the GCC countries and Iran. The Bank will in this context seek regulatory approvals to transfer the existing licenses of BMI and BSI in the Sultanate of Oman and the State of Qatar.” He added: “Future Bank will also seek offshore banking limits in Kish Island, Iran as a prelude to establishing a domestic presence in Iran when the regulatory framework permits.”

Dr Seif expressed his gratitude and appreciation to the Bahrain Monetary Agency, the Bahrain Ministry of Commerce and the Central Bank of Iran for their support and guidance in the successful formation of the joint venture.

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Tuesday, October 19- 2004 @ 13:29 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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