Libyan Foreign Bank

Libyan Foreign Bank
المصرف الليبي الخارجي‎
Public Company
Industry Finance
Founded 1972
Headquarters Tripoli Dat El Imad Administrative Complex, Libya
Key people
 Mohamed Ben Yousef (General Manager)
Services Financial Services
Revenue IncreaseUSD$168 million (2004)
Parent Central Bank of Libya
Subsidiaries Banque commerciale du Niger
Website www.lfbank.ly

The Libyan Foreign Bank (LFB) was established in 1972 in Tripoli, Libya as the country's first offshore banking institution licensed to operate internationally. The bank is 100% owned by the Central Bank of Libya. Since 2010, the bank owns 84% of British Arab Commercial Bank and 68% of Banca UBAE (Est. 1972) in Rome.[Note 1][Note 2]

Operations Overview

LAFB encompasses a variety of services and operators facilitating international trade, money flows for investment and payment, and loans to government and official institutions as well as to the private sectors. Its valum in the international markets is relatively concentrated on services, including insurance and confirmation of letters of credit, creation of acceptance credits, and supply of foreign exchange. In their 2007 ranking of Africa's Top 100 Banks, the magazine African Business placed LAFB at number ten for Africa as a whole and fourth in the North Africa region. They went on to say that the ranking of the Libyan Foreign Bank may actually be understated, given that the most up to date figures available for the bank were two years older than those of many of its North African rivals.[1]

Footnotes

Notes
  1. ↑ The other foreign banks with an ownership interest in Banca UBAE (Unione delle Banche Arabe ed Europee) are Banque Centrale Populaire (56%) and Banque Marocaine du Commerce Extérieur (4%), both of which are based in Casablanca, (Morocco). Italy is represented by some of the major domestic banking groups – UniCredit (11%), Intesa Sanpaolo (2%) – in addition to three industrial and non-industrial corporations – ENI Group (through Eni Adfin, 59%), Telecom Italia (2%) and Sansedoni Siena (4%).
  2. ↑ On 12 March 2011, the Bank of Italy placed Banca UBAE under special administration following the European Council's decision to freeze Libyan banking assets. The intent was to ensure that the bank could continue to operate normally, and in conformity with international policies. The Extraordinary Administration ended on 1 March 2012.
Citations
  1. ↑ African Business (2007) p.22

References


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