Bahrain's central bank governor called on Monday for a joint approach in settling debts at troubled Saudi conglomerates Saad Group and Algosaibi, which involve both local and international banks.

'We want a comprehensive solution with all the (local and international) banks which are owed money,' Rasheed Al-Maraj told Al Arabiya televison.

Saad and Ahmad Hamad Algosaibi & Bros in May defaulted on some of their debt, with numerous international and regional banks having exposures of up to $22 billion, some bankers have said.

A Saudi government panel last month brokered a debt settlement deal between Saad and Saudi banks only, raising fears amongst international creditors they could be sidestepped in the process.

'There are no widespread negative repercussions (in Bahrain)', Al-Maraj said without elaborating.   

He said the Bahraini banking system had continued to function normally despite the crisis at the two groups. 

'Bahraini banks have managed to deal with (the Saad-Algosaibi debt crisis) and are functioning normally,' he said.

Unlike banks in the United Arab Emirates, Bahraini banks have not detailed their exposures to the two groups. - Reuters