The Central Bank of Bahrain has received reports from administrators of Awal Bank and The International Banking Corporation (TIBC) as part of the regulator’s role in the administration of the two banks.

UK law firm Charles Russell is the administrator of Awal Bank, the banking subsidiary of Saudi Arabia’s Saad Group. The UK’s Trowers & Hamlins is the administrator of TIBC. TIBC is the Bahrain-based subsidiary of Saudi conglomerate Ahmad Hamad al-Gosaibi & Brothers.

The Central Bank of Bahrain appointed the two administrators on 10 August to assess the banks’ assets and liabilities following defaults on their debt obligations.

Both Saad and Al-Gosaibi are currently in default on billions of dollars of debt.

In a statement announcing its receipt of the administrators’ reports, the Central Bank of Bahrain said, “The central bank and the administrator will now move ahead with the next stage of the administration process and the administrator will continue the process of asset realisation.”