VOL. XLVII

No 03

19-January-2004

REGIONAL BANKING

BMA Grants Three New Banking Licenses

The Bahrain Monetary Agency (BMA) on 9 January granted three new licenses for banks to operate in the Gulf state and approved a fourth application. A license was granted to an offshore banking unit (OBU) of ICICI Bank, Indias second largest bank and the countrys largest private bank with assets of $22bn. The BMA is also extending a special concession to the bank to offer its non-resident Indian (NRI) banking...