Arab Banking Corp acquires stake in Libyan bank

Arab Banking Corporation (B.S.C.) (“ABC”) has announced that it has entered into an agreement to acquire a 49% ownership stake in Mediterranean Bank S.A.L., a Libyan bank headquartered in Benghazi, in the North East of Libya, and with branches in Tripoli and Misurata.

The acquisition, which is subject to final regulatory approval from the Central Bank of Libya, is expected to close before the end of the first quarter of 2011. ABC will also manage the bank on a day-to-day basis pursuant to a management agreement…read more

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