Business | Banking
Bahrain's Future Bank faces US sanctions
The US is imposing financial sanctions on a Bahrain bank it alleges is controlled by Iran's Bank Melli, which has been accused of providing support to Iran's nuclear programme.
- AP
- Published: 00:48 March 13, 2008
Washington: The US is imposing financial sanctions on a Bahrain bank it alleges is controlled by Iran's Bank Melli, which has been accused of providing support to Iran's nuclear programme.
The Treasury Department's action yesterday targets Future Bank BSC. Any bank accounts or other financial assets found in the US belonging to the bank must be frozen.
Americans also are prohibited from doing business with the bank.
Future Bank was established in 2004 as a joint venture between two Iranian state-owned banks - Bank Melli and Bank Saderat - and a private bank based in Bahrain, the department said. Bank Melli and Bank Saderat were put on the US blacklist last year. Each of them hold 33.3 per cent of Future Bank's outstanding shares, the department said.
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