Iran Insurance Co

Bahrain central bank puts Iran-linked bank, insurer into administration

Bahrain’s central bank said on Thursday it had placed two Iran-linked companies, Future Bank and Iran Insurance Co, into administration to protect the rights of depositors and policyholders. In a brief statement, the central bank did not elaborate on why it took the action or give any information about the two companies. Future Bank, based in Manama, is a commercial bank which was founded in 2004 as a joint venture between two Iranian banks - Bank Saderat and Bank Melli - and Bahrain’s Ahli United Bank. Iran Insurance Co is the Bahrain branch of an Iranian government-owned insurer. It was not immediately known whether the action against the two companies in Bahrain was related to international sanctions against Iranian institutions.

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