VOL. XLV

No 49

9-December-2002

BAHRAIN

BMA Issues Licenses For Three Banks

The Bahrain Monetary Agency (BMA) said on 1 December it has issued licenses to three banks to operate as offshore banking units. They include Turkeys Turk Ekonomi Bankasi (TEB), Pakistans Askari Commercial Bank (ACB) and Bahrain-incorporated Algosaibi Bahrain Bank. BMA said that this brought the total number of banks and financial institutions it licenses (excluding insurance companies) to 179. TEB had assets of $1.13bn at...