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Libya to authorise creation of two new banks

The Central Bank of Libya (BCL) on Tuesday announced in Tripoli its intention to grant authorization for the creation of two new banks i n which foreign banks will own 49% and equal right in their administrative manage m ent.

Sources close to BCL said the remaining 51% of the capital of these new banks will be reserved to Libyan investors.

The same sources added that BCL retains as conditions for the acceptance of the participation of foreign banks a minimum of US$2 billion and high international r ating.

BCL has set at 30 March as the deadline to receive applications from banks willing to participate in the call for tenders.

Libya has privatised two banks in recent times. The first was carried out in September 2007 in favour of the French BNP Paribas as the strategic partner of the Sahara Bank by taking 19% of the institution’s capital with the possibility of taking 51%.

The second operation of privatisation of a bank in Libya was in 2008 and it conc erned Al-Wahda Bank, whose offer was won by the Arab Bank based in Jordan.

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