Bank set to promote ties between Iran and AGCC

DUBAI - Future Bank, an equal joint venture between Ahli United Bank BSC, Bank Melli Iran (BMI) and Bank Saderat Iran (BSI), officially begins operations in Bahrain from February 1 with an initial paid up capital of $99 million.

By A Staff Reporter

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Published: Wed 2 Feb 2005, 9:52 AM

Last updated: Thu 2 Apr 2015, 4:22 PM

Future Bank, which has an aggregate asset base of over $500 million is primed to promote capital flows between Iran and various Gulf Cooperation Council (AGCC) countries. The bank's operations in Oman and Qatar are expected to be finalised by the third quarter of 2005. With a client base of Bahrain-based corporations and regional financial institutions, the bank's key operational focuses are commercial lending, project and trade finance, retail banking and money market dealings.

Stephen Austen, chief executive officer of Future Bank said: “Future Bank brings together, in Bahrain, the banking heritage, network and expertise of Bank Melli and Bank Saderat, the two largest and most established banks of the Islamic Republic of Iran, with the AGCC's leading banking innovator, Ahli United Bank. All three banks are endowed with a rich heritage of excellence and a track record of over 34 years of serving the needs of their customers in Bahrain,"

“The strategy of Future Bank is to develop the business links between the GCC countries and Iran. In this context, the bank has obtained regulatory approvals to transfer the existing licences of BMI and BSI in the Sultanate of Oman and will seek the same with regard to the licence of BSI in the State of Qatar," said Deputy CEO(Business Development), Ghulam Souri.

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