Six banks to compete for Libyan bank privatisation
2007-03-30
Libya's Central Bank announced in a statement on Thursday (March 29th) that Arab Bank, Arab Banking Corporation, BNP Paribas, HSBC, Societe Generale and Standard Chartered banks will compete for the privatisation of Sahara Bank, the country's second largest commercial bank. Sahara bank's assets are estimated at $3.6 billion, the statement said. As part of the government's plan to modernise its financial services sector, Sahara Bank is the first bank to be offered to foreign investors. Central Bank governor Farhat Bengdara expressed satisfaction with the quality of the interested banks, saying it "illustrates the attractiveness of the Libyan banking system". According to the privatisation deal, Libya's Social Economic Development Fund will sell a 19% stake in Sahara Bank to a strategic partner and transfer management control of the bank. The strategic partner will have the right to increase its stake to 51% in the medium term. The winner is expected to be announced by the end of July. (Reuters)
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