Saad Group's Awal Bank to restructure debt - cbank
MANAMA, June 2
MANAMA, June 2 (Reuters) - Bahrain's central bank said on Tuesday that Awal Bank, part of the Saudi-based privately held Saad Group, seeks a renegotiation of its debt, and said its issues are not related to the Bahraini banking sector overall.
"The issues connected with Awal Bank are a consequence of events in the wider Al Saad group and are unrelated to the wider Bahraini banking sector, which has otherwise continued to function normally," the central bank said in a statement.
Bahrain-based Islamic bank Awal is owned by Saudi billionaire Maan al-Sanea, either directly or through Saad Group.
The central bank said it continues to monitor closely the situation of the bank and urges its creditors to meet as soon as possible.
(Reporting by Frederik Richter; Editing by Thomas Atkins)
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