The key role played by the Central Bank of Bahrain (CBB) in boosting the financial sector of the country was highlighted at a key meeting yesterday.

CBB Governor Rasheed Al Maraj yesterday received the Lord Mayor of the City of London, Nicholas Anstee, who is heading a UK delegation currently visiting the kingdom.

Mr Al Maraj welcomed the Lord Mayor to Bahrain and briefed him about the role of the CBB and its commitment to advance the growth of Bahrain's financial sector, a key segment of the national economy.

The meeting highlighted Bahrain's strong historical relationship with the City of London and their shared experiences over the years.

Both sides exchanged their assessment of the global financial situation post-crisis and shared their insights on the lessons of the crisis.

The Lord Mayor praised the way Bahrain had dealt with the crisis and the pragmatism with which it had handled those difficult times.

He added that Bahrain's reputation as a financial centre was internationally recognised.

The discussion emphasised the substantial importance of the industry's adherence to high standards of corporate governance, and compliance with regulations put in place to maintain long-term development.

"We have always looked to the City of London as a model, and despite the events of recent years it remains the leading financial centre in the world," said Mr Al Maraj.

The Lord Mayor stressed the importance of UK's relationship to Bahrain, and its example for the City of London in terms of setting sound foundation for the Islamic financial services sector.

"The financial services sector has always played an important link between our two countries, and we will continue to build on that for the future," Mr Al Maraj added.

The meeting was also attended by British Ambassador Jamie Bowden, as well as other members of the UK delegation and senior members of the CBB.