Bahrain cbank assumes control of Saudi groups' banks

MANAMA, July 30 | Thu Jul 30, 2009 6:58am EDT

MANAMA, July 30 (Reuters) - Bahrain's central bank has assumed control of Awal Bank and The International Banking Corporation (TIBC), it said in a statement on Thursday.

Awal Bank forms part of troubled Saudi group Saad [SAADG.UL], while TIBC is partly owned by the Ahmad Hamad Algosaibi and Brothers (AHAB), both undergoing debt restructuring.

The central bank did not provide a detailed reason for its decision and only referred to an article of its banking regulations.

(Reporting by Frederik Richter; Editing by Firouz Sedarat)

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