GR-4.3.2
The CBB will not approve the transfer, under the terms of Paragraph GR-4.2.1, unless it is satisfied that:
(a) The transferee is authorised to carry on regulated banking services in Bahrain or (where relevant) is authorised or otherwise permitted to carry on regulated banking services in the jurisdiction where any overseas risks are situated;
(b) Every transaction or account or relationship included in the transfer evidences a contract which was entered into before the date of the application;
(c) The transferee possesses the necessary solvency required by the regulatory authorities to which he is subject to, after taking the proposed transfer into account;
(d) Where transactions, accounts, or customer relationships are being transferred from a foreign branch of a Bahraini conventional bank licensee , or the transferee is a branch of a foreign bank licensee , the relevant overseas regulatory authority has been consulted about the proposed transfer, the law of that jurisdiction provides for the possibility of such a transfer, and the relevant supervisory authority in that jurisdiction has agreed to the transfer;
(e) The transfer will not breach any applicable laws and regulations, and will not create any supervisory concerns;
(f) The business transferred is not prohibited by the CBB; and
(g) There are no material adverse consequences from the transfer on the transferee or the security of customers and creditors and their rights and obligations are protected.
Amended: April 2020
Added: October 2012
Added: October 2012