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Bahrain calls for Saad, Algosaibi coordination
- Bahrain: Tuesday, October 06 - 2009 at 10:03
Bahrain's central bank governor, Rasheed al-Maraj has called for a joint approach in settling debts at troubled Saudi conglomerates Saad Group and Algosaibi, which involve both local and international banks, Reuters has reported. The Bahraini banking system had continued to function normally despite the crisis at the two groups, he said. 'There are no widespread negative repercussions [in Bahrain]', Maraj said. A Saudi government panel last month brokered a debt settlement deal between Saad and Saudi banks.
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StaffTuesday, October 06 - 2009 at 10:03 UAE local time (GMT+4)
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