Thursday, October 21, 2004

Iran bankers probe Bahrain venture

Gulf Daily News: "Iran bankers probe Bahrain venture

MANAMA: A visiting Iranian delegation of bankers met with the Bahrain Chamber of Commerce and Industry to discuss setting up a joint venture bank.

Chamber treasurer Ibrahim Zainal said the Iranian side was very receptive to the idea of the bank and the results of a feasibility study by KPMG.

He said that it's still too early to disclose details, but added that the group represents a private bank in Iran.

"The chamber's role is to promote the project here in Bahrain and the GCC and find potential investors," said Mr Zainal.

"It won't be investing in the project itself.

"The Iranian bank, should it choose to participate, will be an investor in the project and will also be responsible for attracting other investors in Iran."

The meeting was also attended by chamber president Khalid Kanoo, vice-president Dr Essam Fakhro and KPMG managing partner Jamal Fakhro.

The delegation's visit follows a similar visit to Shiraz by a nine-member Bahrain delegation in March this year.

Bahrain Monetary Agency governor Shaikh Ahmed bin Mohammed Al Khalifa has already given the project his blessing and KPMG's feasibility study showed positive signs for the project."

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