Iran's government-owned banks Melli and Saderat merged their Bahrain operations with Bahrain's Ahli United Bank to form the new Future Bank. With $200 million in capital, the Future Bank will included three Bahrain banks already owned by the two Iranian banks and will start offshore operations in Iran indepdentend of the joint venture partners. Bahrain operations of two state-owned Iranian banks, Melli and Saderat, merged with that of Bahrain’s Ahli United Bank to form the new Future Bank, equally owned by the three.
Barain’s prime minister sheikh Khalifa bin Salman Al Khalifa, chairman of Bahrain’s Monetary Agency, approved the new license. The agency “has licensed Future Bank to provide all commercial and investment banking activities,” the agency’s director of licensing and policy Ahmed Al Bassam said.
The new bank will also focus on the development of bilateral trade and investment relations between Bahrain and Iran, as well as other GCC countries, Bahrain’s Gulf Daily News reported.
The Future Bank will seek to establish onshore operations in Iran - independently of the existing operations of Saderat and Melli, which will assist Future Bank to secure an onshore banking license in mainland Iran, as soon as possible, in accordance with a Memorandum of Understanding signed by the Future Bank’s three shareholders, Bahraini daily reported.
Iran’s Milli and Saderat banks already operate three other banks in Bahrain, which they will merge into the Future Bank, Saderat will also merge its offshore banking unit in Bahrain into the new entity.
Ahli has a subsidiary in London, which will keep its name.
Future Bank will have a capital of $200 million, $99 million of it n cash.
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