Citibank has returned to Bahrain assets moved earlier, amidst fears of war in Iraq, the Bahrain Monetary Agency (BMA) recently announced. The assets, worth about $30 billion, were transferred out of the region late last year, purely as a precautionary measure. However, the Bank continued to maintain the administration and processing of the assets in Bahrain.
“Citigroup, the parent company of Citibank, has been active in the region for almost 50 years and we have managed out business successfully through periods of volatility,” said Citibank’s Middle East Regional Director, Mohammed Al-Shroogi.
The Kingdom of Bahrain is the financial capital of the Middle East, hosting the largest concentration of banks and other financial institutions in the Middle East. The BMA, the Kingdom’s central bank and sole regulator for the financial system, currently regulates a total of 347 institutions, of which 180 are banks and banking-related institutions, 154 insurance and insurance-related firms and 13 capital market brokers. — (menareport.com)
© 2003 Mena Report (www.menareport.com )