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GR-5.3.5

Past version: effective from Oct 1 2007 - Dec 31 2009.
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The CBB will only permit financial institutions which are subject to effective consolidated supervision under a regulatory framework consistent with the Basel Core Principles or the IOSCO Principles or the IAIS Principles to become controllersG with a holding of more than 20% of the voting capital of a Bahraini conventional bank licensee. Furthermore, the concerned regulated financial institution must satisfy the conditions in GR-5.3.7 and also the specific conditions in GR 5.3.8 below. A regulated financial institution will not be approved as a controller of a listed Bahraini conventional bank licensee if it wishes to acquire more than 40% of the voting capital. This above 40% limit does not apply to unlisted Bahraini conventional bank licensees (where up to 100% of the voting capital may be acquired) or to mergers which have been approved by the CBB. Subject to the discretion of the CBB, regulated financial institutions may be allowed to own or control holdings of voting capital of listed banks in excess of the abovementioned 40% level.

October 07
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