Bahrain cbank sees Saudi groups' banks shortfalls

MANAMA, July 30 (Reuters) - Bahrain's central bank said on Thursday that Awal Bank and The International Banking Corporation (TIBC) have substantial shortfalls of assets compared to their liabilities.

It also said it was investigating "the actions of certain persons connected with the management" of the banks, investigating whether they complied with the central banks requirements for holding position in the banks.

The central bank earlier said it had taken over control of both banks.

Awal Bank is part of Saudi Arabia's Saad Group [SAADG.UL], while TIBC is majority-owned by the Algosaibi group. Both groups are debt-ridden. (Reporting by Frederik Richter; Editing by Firouz Sedarat)