Bahrain’s Al Baraka Group says Lebanon central bank seizes subsidiary

Bahrain’s Al Baraka Group says Lebanon central bank seizes subsidiary

DUBAI - Bahrain's Al Baraka Group said on Tuesday the Central Bank of Lebanon had seized control of its banking subsidiary, Al Baraka Bank Lebanon.

The central bank seized control of the subsidiary over non-compliance with certain regulations, including the absence of a restructuring plan and calls for shareholders to inject capital, Al Baraka Group said in a statement.

"The Group rejects the Central Bank of Lebanon's interpretation of the situation," it said.